UNIVERSIDAD COMPLUTENSE DE MADRID

FACULTAD DE VETERINARIA
Departamento de Toxicología y Farmacología

TESIS DOCTORAL
Efectos del fitoplancton tóxico procedente de aguas continentales y
marinas en ecosistemas salobres de estuario

MEMORIA PARA OPTAR AL GRADO DE DOCTOR

PRESENTADA POR

Ana D' Ors de Blas

Director

Sebastián Sánchez-Fortún Rodríguez

Madrid, 2015

© Ana D' Ors de Blas 2015

 UNIVERSIDAD COMPLUTENSE DE MADRID

FACULTAD DE VETERINARIA

____________________________________________

Departamento de Toxicología y Farmacología

EFECTOS DEL FITOPLANCTON TÓXICO

PROCEDENTE DE AGUAS CONTINENTALES Y
MARINAS EN ECOSISTEMAS SALOBRES DE
ESTUARIO

Memoria para optar al título de

Doctor en Veterinaria.

Presenta: Ana D’Ors de Blas

DIRECTOR: Dr. Sebastián Sánchez-Fortún Rodríguez

Madrid, septiembre de 2015

 Ϯ

 

El Dr. Sebastián Sánchez-Fortún Rodríguez, Profesor Titular del departamento de

Toxicología y Farmacología de la Facultad de Veterinaria de la Universidad
Complutense de Madrid,

HACE CONSTAR:

1) Que la Tesis presentada por Ana D’Ors de Blas titulada “Efectos del
fitoplancton tóxico procedente de aguas continentales y marinas en ecosistemas
salobres de estuario” ha sido realizada en el Departamento de Toxicología y
Farmacología de la Facultad de Veterinaria de la Universidad Complutense de
Madrid bajo su Dirección.
2) Que autoriza su presentación para que la doctoranda pueda obtener el título de
Doctor.

Y para que así conste, lo firma en Madrid a quince de junio de dos mil quince.

Dr. Sebastián Sánchez-Fortún Rodríguez, Prof. Titular de Toxicología

Dpto. de Toxicología y Farmacología, Facultad de Veterinaria. UCM

ϯ

 ϰ

͙ƉƵĞƐƐŽŵŽƐĐŽŵŽĞŶĂŶŽƐĂůŽƐŚŽŵďƌŽƐĚĞŐŝŐĂŶƚĞƐ͘WŽĚĞŵŽƐǀĞƌŵĄƐ͕LJŵĄƐůĞũŽƐ
ƋƵĞ ĞůůŽƐ͕ ŶŽ ƉŽƌƋƵĞ ůĂ ĂŐƵĚĞnjĂ ĚĞ ŶƵĞƐƚƌĂ ǀŝƐƚĂ Ŷŝ ƉŽƌ ůĂ ĂůƚƵƌĂ ĚĞ ŶƵĞƐƚƌŽ ĐƵĞƌƉŽ͕
ƐŝŶŽƉŽƌƋƵĞƐŽŵŽƐůĞǀĂŶƚĂĚŽƐƉŽƌƐƵŐƌĂŶĂůƚƵƌĂ͘

ĞƌŶĂƌĚŽĚĞŚĂƌƚƌĞƐ͘

ŝĐĞ hŵďĞƌƚŽ ĐŽ ƋƵĞ Ăů ĚŝƌĞĐƚŽƌ ĚĞ ƚĞƐŝƐ ŶŽ ƐĞ ůĞ ŶŽŵďƌĂ ĞŶ ůŽƐ ĂŐƌĂĚĞĐŝŵŝĞŶƚŽƐ͕
ƉŽƌƋƵĞĞƐƚĄŚĂĐŝĞŶĚŽƐƵƚƌĂďĂũŽ͕ƉĞƌŽƚĞŶĞĚƉŽƌƐĞŐƵƌŽƋƵĞĞƐƚĂƚĞƐŝƐŶŽĞdžŝƐƚŝƌşĂƐŝŶ
ĞůƚƌĂďĂũŽ͕ĞůƚĞƐſŶ͕ĞůĐĂƌŝŹŽ͕ůĂĞdžƉĞƌŝĞŶĐŝĂ͕LJĞůďƵĞŶŚĂĐĞƌĚĞůƌ͘^ĞďĂƐƚŝĄŶ^ĄŶĐŚĞnjͲ
&ŽƌƚƷŶ ZŽĚƌşŐƵĞnj͘ Ɛ Ă Ġů Ă ƋƵŝĠŶ ǀĂ ĚĞƐƚŝŶĂĚŽ ŵŝ ƉƌŝŵĞƌ LJ ŵĄƐ ƉƌŽĨƵŶĚŽ
ĂŐƌĂĚĞĐŝŵŝĞŶƚŽ͘ WŽƌƋƵĞ ƉĂƌĂ ŵş ŚĂ ƐŝĚŽ ƵŶ ǀĞƌĚĂĚĞƌŽ DĂĞƐƚƌŽ͕ LJ ƉŽƌƋƵĞ ĞƐƚŽLJ
ĐŽŶǀĞŶĐŝĚĂ ĚĞ ƋƵĞ ĐŽŶ ŵĄƐ ŐĞŶƚĞ ĐŽŵŽ Ġů͕ ůĂ ƐŽĐŝĞĚĂĚ LJ ůĂ ĐŝĞŶĐŝĂ ƐĞƌşĂŶ ŵƵĐŚŽ
ŵĞũŽƌĞƐ͘

ůŽƐŐŝŐĂŶƚĞƐ;LJŵĄƐĂƷŶĂůĂƐŐŝŐĂŶƚĂƐͿƐŽďƌĞĐƵLJŽƐŚŽŵďƌŽƐŚĞƚƌĞƉĂĚŽ͘ůŽƐƋƵĞ
ĐŽŶŽĐş ƐſůŽ ƉŽƌ ƐƵ ŽďƌĂ͕ LJ Ă ůŽƐ ƋƵĞ ĚĞ ƉƌŝŵĞƌĂ ŵĂŶŽ ŵĞ ͞ĐŽŶƚĂŐŝĂƌŽŶ ĚĞ ĐŝĞŶĐŝĂ͘͟
'ƌĂĐŝĂƐƉŽƌŚĂďĞƌŵĞĞŶƐĞŹĂĚŽƚĂŶƚĂƐĐŽƐĂƐ͘

 DĂƌşĂ͕ DĂƵƌŝĐŝŽ͕ DſŶŝĐĂ͕ ZŽĐşŽ͕ ,ĠĐƚŽƌ͕ >ĂƌĂ͕ LJ ŵƵĐŚŽƐ ŵĄƐ ƋƵĞ ĞŶ ƵŶŽ Ƶ ŽƚƌŽ
ŵŽŵĞŶƚŽĐĂŵŝŶĂƌŽŶĂŵŝůĂĚŽ͕ĐŽŶŵŝƐŵŝƐŵĂƐĚƵĚĂƐ͘ůĂƐĄƌŵĞŶĞƐ;ůĂĚĞůĞũŽƐLJůĂ
ĐĞƌĐĂͿ ƋƵĞ ƚƵǀŝĞƌŽŶ ƐŝĞŵƉƌĞ ƉĂůĂďƌĂƐ ĚĞ ĄŶŝŵŽ ƉĂƌĂ ŵş͘  ŶĚƌĠƐ͕ ƉŽƌƋƵĞ ƵŶ ĚşĂ
ŵŝƌĂƌĞŵŽƐŚĂĐŝĂĂƚƌĄƐLJŶŽƐƌĞŝƌĞŵŽƐĚĞƚŽĚŽ͘

 ZĂĨĂ͕ ŚĂƌůŝĞ͕ /ŶĠƐ͕ ƌŝƐƚŝŶĂ͕ ƵŐĞŶŝĂ LJ Ă ƚŽĚŽƐ ůŽƐ ƋƵĞ ĚĞƐĚĞ Ğů ŽƚƌŽ ůĂĚŽ ĚĞ ůĂ
ƉĂŶƚĂůůĂ ƌĞĐŽŐŝĞƌŽŶ Ğů ƚĞƐƚŝŐŽ ĚĞ ĂŐƵĂŶƚĂƌŵĞ͕ ĂLJƵĚĂƌŵĞ͕ ĂƉŽLJĂƌŵĞ͕ ĂĐŽŶƐĞũĂƌŵĞ LJ
ĂůĞŐƌĂƌŵĞ͕ ĐƵĂŶĚŽ ĐĂŵŝŶĂďĂ ƐŽůĂ͘ ƵůƉŽ Ă ƚǁŝƚƚĞƌ ĚĞ ŵŝƐ ĂůƚĂƐ ĞdžƉĞĐƚĂƚŝǀĂƐ ĐŽŶ ůĂ
ƐŽĐŝĞĚĂĚ͘

ŵŝĨĂŵŝůŝĂ͕ĞŶĞƐƉĞĐŝĂůĂŵŝƐƉĂĚƌĞƐ͕ƉŽƌĚĂƌŵĞƌĂşĐĞƐ͕LJƚĂŵďŝĠŶĂůĂƐ͘WŽƌĞŵƉƵũĂƌLJ
ƐŽƐƚĞŶĞƌĞƐƚĂůŽĐƵƌĂŵşĂƋƵĞƚĂŵďŝĠŶĞƐǀƵĞƐƚƌĂ͘ůĂŵĞŵŽƌŝĂĚĞŵŝĂďƵĞůĂ͕ƉŽƌƋƵĞ
ƐŝŶůŽƐĐƵŝĚĂĚŽƐƚĂŵƉŽĐŽŚĂLJĐŝĞŶĐŝĂ͘

ϱ

 ŵŝƐ ĂŵŝŐŽƐ ĚĞ ĨƵĞƌĂ ĚĞ ůĂ ƐĞĐƚĂ ĐŝĞŶƚşĨŝĐĂ͕ ƐŽďƌĞ ƚŽĚŽ Ă ůŽƐ ƋƵĞ ŶŽ ƉƌĞŐƵŶƚĂƌŽŶ
ŶƵŶĐĂƋƵĞĐƵĄŶƚŽŵĞĨĂůƚĂďĂƉĂƌĂĂĐĂďĂƌ͘ůŽƐƋƵĞĞŶƚĞŶĚŝĞƌŽŶƋƵĠŝŵƉůŝĐĂďĂƚŽĚŽ
ĞƐƚŽ ĚĞů ĚŽĐƚŽƌĂĚŽ͕ LJ ƚĂŵďŝĠŶ Ă ůŽƐ ƋƵĞ ŶŽ͘  dŽƚĞ ƉŽƌ ůŽƐ ĂďƌĂnjŽƐ͕ ůĂƐ ƐŽŶƌŝƐĂƐ LJ
ƚĂŵďŝĠŶůĂƐƉĂůŵĂĚŝƚĂƐĞŶůĂĞƐƉĂůĚĂ͘

ŵŝŚŝũĂ:ŽĂŶĂ͕ƋƵĞŵĞŚĂƌĞŐĂůĂĚŽƚŝĞŵƉŽLJĂƚĞŶĐŝſŶƉĂƌĂĚĞĚŝĐĂƌůŽĂĞƐƚĞƚƌĂďĂũŽ;LJ
ĂWĞƉƉĂWŝŐƋƵĞŵĞŚĂĂLJƵĚĂĚŽĂŶĞŐŽĐŝĂƌůŽͿ͘WŽƌƋƵĞĚĞƐĐƵďƌŝƌĞůŵƵŶĚŽĞŝŶƚĞŶƚĂƌ
ĐŽŵƉƌĞŶĚĞƌůŽƐŽŶĚŽƐĐĂƌĂƐĚĞůĂŵŝƐŵĂŵŽŶĞĚĂ͘

zĂ:ŽƌŐĞ͕ƉŽƌƋƵĞĐŽŶƐƵŵĂŐŝĂƚŽĚŽĞƐƉŽƐŝďůĞ͘dĞƚĞƌŽ͘

 

ϲ



A Joana.

ϳ

 ϴ

1E/
ϭ͘Z^hDE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ

Ϯ͘^hDDZz͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ

ϯ͘/EdZKh/ME͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵ

ϯ͘ϭ͘/DWKZdE/K>M'/>&/dKW>EdKE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭ

ϯ͘Ϯ͘ &>KZD/EdK^  D/ZK>'^͗ hE WZK>D KEDj>d/W>^ h^^z

KE^hE/^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϮ

ϯ͘ϯ͘WZKh/MEdKy/E^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϲ

ϯ͘ϰ͘ƌƚĞŵŝĂĨƌĂŶĐŝƐĐĂŶĂ͕DK>KKKW>EdKE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϴ

ϯ͘ϱ͘>K^^dhZ/K^͗hE^/^dDKDW>:Kz/ED/K͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϮ

ϰ͘K:d/sK^z^dZhdhZ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϳ

ϱ͘Zd1h>K^Wh>/K^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϭ

ϱ͘ϭ͘ dŽdžŝĐ ĞĨĨĞĐƚƐ ŝŶĚƵĐĞĚ ďLJ ƐĂůƚ ƐƚƌĞƐƐ ŽŶ ƐĞůĞĐƚĞĚ ĨƌĞƐŚǁĂƚĞƌ ƉƌŽŬĂƌLJŽƚŝĐ ĂŶĚ
ĞƵŬĂƌLJŽƚŝĐŵŝĐƌŽĂůŐĂůƐƉĞĐŝĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϯ

ϱ͘Ϯ͘ dŽdžŝĐ ƌŝƐŬ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƐƉŽƌĂĚŝĐ ŽĐĐƵƌƌĞŶĐĞƐ ŽĨ DŝĐƌŽĐLJƐƚŝƐ ĂĞƌƵŐŝŶŽƐĂ
ďůŽŽŵƐ ĨƌŽŵ ƚŝĚĂů ƌŝǀĞƌƐ ŝŶ ŵĂƌŝŶĞ ĂŶĚ ĞƐƚƵĂƌŝŶĞ ĞĐŽƐLJƐƚĞŵƐ ĂŶĚ ŝƚƐ ŝŵƉĂĐƚ ŽŶ
ƌƚĞŵŝĂĨƌĂŶĐŝƐĐĂŶĂŶĂƵƉůŝŝƉŽƉƵůĂƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϭ

ϱ͘ϯ͘ /ŵƉŽƌƚĂŶĐĞ ŽĨ ƐƚƌĂŝŶ ƚLJƉĞ ƚŽ ƉƌĞĚŝĐƚ ƚŚĞ ƚŽdžŝĐŽůŽŐŝĐĂů ƌŝƐŬ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ
DŝĐƌŽĐLJƐƚŝƐ ĂĞƌƵŐŝŶŽƐĂ ďůŽŽŵƐ͗ ĐŽŵƉĂƌŝƐŝŽŶ ŽĨ DŝĐƌŽƚŽdžΠ ĂŶĂůLJƐŝƐ ĂŶĚ
ŝŵŵƵŶŽĂƐƐĂLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϵ

ϱ͘ϰ͘^ĂůŝŶŝƚLJĐŚĂŶŐĞƐĂŶĚŽƐŵŽƚŝĐƐƚƌĞƐƐŝŶŵĂƌŝŶĞƉŚLJƚŽƉůĂŶŬƚŽŶƐƉĞĐŝĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϵ

ϱ͘ϱ͘ZŝƐŬĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŽdžŝĐďůŽŽŵƐŽĨŵĂƌŝŶĞƉŚLJƚŽƉůĂŶŬƚŽŶĨƵŶĐƚŝŽŶĂůŐƌŽƵƉƐŽŶ
ƌƚĞŵŝĂĨƌĂŶĐŝƐĐĂŶĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϵ

ϲ͘/^h^/ME͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϳ

ϲ͘ϭ&>KZD/EdK^z^>/E/͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϴ

ϵ

 ϲ͘Ϯ D/ZKdKyΠ KDK DdKK ^dEZ/K  hd/>/ E
&>KZD/EdK^/EKdZ/^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϯ

ϲ͘ϯ&/dKW>EdKEDZ/EKE>^dhZ/K͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϱ

ϳ͘KE>h^/KE^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϵ

ϴ͘/>/K'Z&1͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϯ

&hEd^>^/D'E^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯϭ


ϭϬ

 




ϭ͘Z^hDE

ϭϭ

 

ϭϮ

ů ƉĂƉĞů ĚĞů ĨŝƚŽƉůĂŶĐƚŽŶ ŵĂƌŝŶŽ LJ ĐŽŶƚŝŶĞŶƚĂů ĐŽŵŽ ƉƌŽĚƵĐƚŽƌ ƉƌŝŵĂƌŝŽ͕ ĨŝũĂĚŽƌ ĚĞ
ŶƵƚƌŝĞŶƚĞƐ LJ ďĂƐĞ ĚĞ ůĂƐ ƌĞĚĞƐ ƚƌſĨŝĐĂƐ ŚĂ ƐŝĚŽ ĂŵƉůŝĂŵĞŶƚĞ ƌĞĐŽŶŽĐŝĚŽ LJ ĞƐƚƵĚŝĂĚŽ͕
ĂƵŶƋƵĞĞdžŝƐƚĞŵƵĐŚĂŵĞŶŽƐŝŶĨŽƌŵĂĐŝſŶƐŽďƌĞƐƵƌŽůĐŽŵŽǀĞĐƚŽƌĚĞƚŽdžŝĐŝĚĂĚĞŶůŽƐ
ĞĐŽƐŝƐƚĞŵĂƐ͘ >ĂƐ ĐŝĂŶŽďĂĐƚĞƌŝĂƐ͕ ĚŝŶŽĨůĂŐĞůĂĚŽƐ Ž ĚŝĂƚŽŵĞĂƐ ƉƌŽĚƵĐƚŽƌĞƐ ĚĞ ƚŽdžŝŶĂƐ
ƐƵĞůĞŶ ĐŽďƌĂƌ ƌĞůĞǀĂŶĐŝĂ ĞŶ ĞǀĞŶƚŽƐ ŶŽ ĐşĐůŝĐŽƐ ĐŽŶ ĐŽŶƐĞĐƵĞŶĐŝĂƐ ĞĐŽůſŐŝĐĂƐ͕
ĞĐŽŶſŵŝĐĂƐ LJ ƐŽĐŝĂůĞƐ͕ ĞŶ Ğů ĂŵďŝĞŶƚĞ ĞŶ Ğů ƋƵĞ ĂƉĂƌĞnjĐĂŶ ;ĂĨůŽƌĂŵŝĞŶƚŽƐ LJ ŵĂƌĞĂƐ
ƌŽũĂƐͿ͘ 
>ŽƐĞƐƚƵĂƌŝŽƐƐŽŶĞĐŽƐŝƐƚĞŵĂƐĚĞƚƌĂŶƐŝĐŝſŶĞŶƚƌĞĞůĂŐƵĂĚƵůĐĞLJƐĂůĂĚĂ͕ĚŽŶĚĞĞƐƚĂƐ
ĨůŽƌĂĐŝŽŶĞƐĞdžƉůŽƐŝǀĂƐĚĞĨŝƚŽƉůĂŶĐƚŽŶƚſdžŝĐŽĐŽďƌĂŶŐƌĂŶŝŵƉŽƌƚĂŶĐŝĂ͘ƐƚŽĞƐĚĞďŝĚŽ
ĂůĚĞůŝĐĂĚŽĞƋƵŝůŝďƌŝŽƋƵĞƐĞĞƐƚĂďůĞĐĞĞŶĞůůĂƐĂůŽůĂƌŐŽĚĞůŽƐĐŝĐůŽƐĚŝĂƌŝŽƐĚĞŵĂƌĞĂƐ
LJ ůŽƐ ĐĂŵďŝŽƐ ĚĞ ƚĞŵƉĞƌĂƚƵƌĂ͕ ĚĞƐĐĂƌŐĂ ĚĞ ĂŐƵĂ ĚƵůĐĞ LJ ĞǀĂƉŽƌĂĐŝſŶ ƉŽƌ ůĂƐ
ǀĂƌŝĂĐŝŽŶĞƐ ŝŶƚĞƌĂŶƵĂůĞƐ͘ dĂŶƚŽĞůĨŝƚŽƉůĂŶĐƚŽŶ ƚſdžŝĐŽ ĚĞ ĂŐƵĂ ĚƵůĐĞ ĐŽŵŽ ĞůĚĞ ĂŐƵĂ
ƐĂůĂĚĂ ƚŝĞŶĞŶ ĂĐĐĞƐŽ Ă ĞůůŽƐ LJ ƉƵĞĚĞŶ ŽĐĂƐŝŽŶĂƌ ƉƌŽďůĞŵĂƐ͕ ĂůƚĞƌĂŶĚŽ ƐƵƐ ƉƌŽĐĞƐŽƐ
ĞĐŽůſŐŝĐŽƐ͘

ƐƚĂ ƚĞƐŝƐ ĞƐƚĄ ĐůĂƌĂŵĞŶƚĞ ĚŝǀŝĚŝĚĂ ĞŶ ĚŽƐ ƉĂƌƚĞƐ͕ ƉĂƌĂ ŝŶƚĞŶƚĂƌ ĞƐƚƵĚŝĂƌ ĚŝĨĞƌĞŶƚĞƐ
ĂƐƉĞĐƚŽƐ ĚĞ ůĂƐ ĚŝŶĄŵŝĐĂƐ ĚĞ ůŽƐ ŵŝĐƌŽŽƌŐĂŶŝƐŵŽƐ ĨŽƚŽƐŝŶƚĠƚŝĐŽƐ ĞŶ Ğů ĞƐƚƵĂƌŝŽ͕
ĞŶŐůŽďĂŶĚŽĐƵĂƚƌŽĂƌƚşĐƵůŽƐƉƵďůŝĐĂĚŽƐLJƵŶŽŵĄƐĞŶƉƵďůŝĐĂĐŝſŶ͘

ŶůĂƉƌŝŵĞƌĂƉĂƌƚĞŶŽƐĐĞŶƚƌĂŵŽƐĞŶĞůĨŝƚŽƉůĂŶĐƚŽŶƚſdžŝĐŽĚĞĂŐƵĂĚƵůĐĞ͕ƚƌĂďĂũĂŶĚŽ
ĐŽŶŽĐŚŽĐĞƉĂƐĚĞDŝĐƌŽĐLJƐƚŝƐĂĞƌƵŐŝŶŽƐĂ LJƵŶĂĐůŽƌŽĨŝƚĂŶŽƚſdžŝĐĂ;ŝĐƚLJŽƐƉŚĂĞƌŝƵŵ
ĐŚůŽƌĞůůŽŝĚĞƐͿĂŵŽĚŽĚĞĐŽŶƚƌŽů͘ŶĞůƉƌŝŵĞƌĂƌƚşĐƵůŽŽďƐĞƌǀĂŵŽƐůĂƐĐŽŶƐĞĐƵĞŶĐŝĂƐ
ƐŽďƌĞƐƵĨŝƐŝŽůŽŐşĂLJĐƌĞĐŝŵŝĞŶƚŽĚĞůĂĞdžƉŽƐŝĐŝſŶĂĐŽŶĐĞŶƚƌĂĐŝŽŶĞƐĐƌĞĐŝĞŶƚĞƐĚĞƐĂů͕
ƐŝŵŝůĂƌĞƐĂůŵĞĚŝŽƉƌĞƐĞŶƚĞĞŶĞůĞƐƚƵĂƌŝŽ;ĂŐƵĂƐƐĂůŽďƌĞƐͿ͘ŶĞůƐĞŐƵŶĚŽƚƌĂďĂũĂŶĚŽ
ĐŽŶ ƌƚĞŵŝĂ ĨƌĂŶĐŝƐĐĂŶĂ ĐŽŵŽ ŵŽĚĞůŽ ĚĞ njŽŽƉůĂŶĐƚŽŶ ĐŽŵƉƌŽďĂŵŽƐ ůĂƐ
ĐŽŶƐĞĐƵĞŶĐŝĂƐ ĚĞ ůĂ ĞdžƉŽƐŝĐŝſŶ Ă ůĂƐ ĐĞƉĂƐ ƚſdžŝĐĂƐ LJ Ă ƐƵƐ ĞdžƚƌĂĐƚŽƐ͘ Ŷ Ğů ƚĞƌĐĞƌŽ
ĐŽŵƉĂƌĂŵŽƐƵŶĞŶƐĂLJŽĐŽŵĞƌĐŝĂůĚĞďŝŽůƵŵŝŶŝƐĐĞŶĐŝĂďĂĐƚĞƌŝĂŶĂĐŽŶŽƚƌŽƐŵĠƚŽĚŽƐ͕
ĂƉůŝĐĂĚŽĂůĂƉƌĞĚŝĐĐŝſŶĚĞůƌŝĞƐŐŽƚŽdžŝĐŽůſŐŝĐŽĞŶĂĨůŽƌĂŵŝĞŶƚŽƐĚĞĐŝĂŶŽďĂĐƚĞƌŝĂƐ͘

Ŷ ůĂ ƐĞŐƵŶĚĂ ƉĂƌƚĞ ƚƌĂďĂũĂŵŽƐ ĐŽŶ ƵŶĂ ĚŝĂƚŽŵĞĂ ;EŝƚnjƐĐŚŝĂ ƐƉ͘ EϭϭͿ LJ ĚŽƐ
ĚŝŶŽĨůĂŐĞůĂĚŽƐ;WƌŽƌŽĐĞŶƚƌƵŵůŝŵĂLJůĞdžĂŶĚƌŝƵŵŵŝŶƵƚƵŵͿƉƌŽĚƵĐƚŽƌĞƐĚĞƚŽdžŝŶĂLJůĂ
ĐůŽƌŽĨŝƚĂ ŶŽ ƚſdžŝĐĂ dĞƚƌĂƐĞůŵŝƐ ƐƵĞĐŝĐĂ ĚĞ ĐŽŶƚƌŽů͕ ĐŽŵŽ ƌĞƉƌĞƐĞŶƚĂŶƚĞƐ ĚĞů

ϭϯ

ĨŝƚŽƉůĂŶĐƚŽŶ ŵĂƌŝŶŽ͘ Ŷ Ğů ƉƌŝŵĞƌ ƚƌĂďĂũŽ ;ĞŶ ƉƵďůŝĐĂĐŝſŶͿ ĞdžƉŽŶĞŵŽƐ Ă ůŽƐ
ŵŝĐƌŽŽƌŐĂŶŝƐŵŽƐ ĨŽƚŽƐŝŶƚĠƚŝĐŽƐ Ă ŵĞĚŝŽƐ ĚĞ ĐŽŶĐĞŶƚƌĂĐŝſŶ ƐĂůŝŶĂ ĚĞĐƌĞĐŝĞŶƚĞ
;ƐŝŵŝůĂƌĞƐ Ă ůĂƐ ƉƌĞƐĞŶƚĞƐ ĞŶ ůĂƐ njŽŶĂƐ ĂůƚĂƐ ĚĞů ĞƐƚƵĂƌŝŽ͕ ĐŽŶ ŐƌĂŶ ŝŵƉŽƌƚĂŶĐŝĂ ĚĞů
ǀĞƌƚŝĚŽ ĚĞ ĂŐƵĂ ĐŽŶƚŝŶĞŶƚĂůͿ ƉĂƌĂ ĐŽŵƉƌŽďĂƌ ĐſŵŽ ƌĞƐƉŽŶĚĞŶ ĨŽƚŽƐşŶƚĞƐŝƐ LJ
ĐƌĞĐŝŵŝĞŶƚŽ Ăů ĞƐƚƌĠƐ ŽƐŵſƚŝĐŽ͘ Ŷ Ğů ƐĞŐƵŶĚŽ ƚƌĂďĂũŽ LJ ĐŽŶ Ğů ŵŝƐŵŽ ŵŽĚĞůŽ ĚĞ
njŽŽƉůĂŶĐƚŽŶ ƋƵĞ ƉĂƌĂ Ğů ƉůĂŶĐƚŽŶ ĚĞ ĂŐƵĂ ĚƵůĐĞ͕ ƉƌŽďĂŵŽƐ ƐƵ ĞdžƉŽƐŝĐŝſŶ Ă ůĂƐ
ĚŝĨĞƌĞŶƚĞƐ ĞƐƉĞĐŝĞƐ ƚſdžŝĐĂƐ͕ ĂƐş ĐŽŵŽ Ă ƉŽƐŝďůĞƐ ĂĨůŽƌĂŵŝĞŶƚŽƐ ŵŝdžƚŽƐ ĞŶƚƌĞ ůĂƐ
ĞƐƉĞĐŝĞƐŵĂƌŝŶĂƐĞƐƚƵĚŝĂĚĂƐ͘

dŽĚŽƐ ůŽƐ ƚƌĂďĂũŽƐ ƌĞĂůŝnjĂĚŽƐ ŚĂŶ ƉƵĞƐƚŽ ĚĞ ŵĂŶŝĨŝĞƐƚŽ ƋƵĞ ůŽƐ ĂĨůŽƌĂŵŝĞŶƚŽƐ ĚĞ
ŵŝĐƌŽĂůŐĂƐ ƚſdžŝĐĂƐ ƐŽŶ ƵŶ ƉƌŽďůĞŵĂ ƌĞĂů ĞŶ ůŽƐ ĞƐƚƵĂƌŝŽƐ͕ LJĂ ƋƵĞ ƚŽůĞƌĂŶ ƐƵƐ
ĐŽŶĚŝĐŝŽŶĞƐĚĞƐĂůŝŶŝĚĂĚLJĂůĂƐĐŽŶĐĞŶƚƌĂĐŝŽŶĞƐĂůĂƐƋƵĞĂƉĂƌĞĐĞŶƐƵƉŽŶĞŶƵŶƌŝĞƐŐŽ
ƉĂƌĂĞůnjŽŽƉůĂŶĐƚŽŶ͕ƉŽƌůŽƋƵĞůĂŵŽŶŝƚŽƌŝnjĂĐŝſŶĚĞĞƐƚŽƐĞǀĞŶƚŽƐĞƐŶĞĐĞƐĂƌŝĂƚĂŶƚŽ
ĐŽŶĨŝŶĞƐĞĐŽůſŐŝĐŽƐĐŽŵŽĚĞƐĂůƵĚƉƷďůŝĐĂ͘

 

ϭϰ



Ϯ͘^hDDZz
ϭϱ

 

ϭϲ

dŚĞ ƌŽůĞ ŽĨ ŵĂƌŝŶĞ ĂŶĚ ĐŽŶƚŝŶĞŶƚĂů ƉŚLJƚŽƉůĂŶŬƚŽŶ ŝŶ ƉƌŝŵĂƌLJ ƉƌŽĚƵĐƚŝŽŶ͕ ŶƵƚƌŝĞŶƚƐ
ĨŝdžĂƚŝŽŶ ĂŶĚ ďĂƐĞ ŽĨ ĨŽŽĚ ǁĞďƐ ŚĂƐ ďĞĞŶ ǁŝĚĞůLJ ƌĞĐŽŐŶŝnjĞĚ ĂŶĚ ƐƚƵĚŝĞĚ͘ ,ŽǁĞǀĞƌ
ƚŚĞƌĞ ŝƐ ŵƵĐŚ ůĞƐƐ ŝŶĨŽƌŵĂƚŝŽŶ ŽŶ ŝƚƐ ƌŽůĞ ĂƐ ƚŽdžŝĐŝƚLJ ǀĞĐƚŽƌ ŝŶ ĞĐŽƐLJƐƚĞŵƐ͘ dŽdžŝĐ
ĐLJĂŶŽďĂĐƚĞƌŝĂ͕ ĚŝŶŽĨůĂŐĞůůĂƚĞƐ Žƌ ĚŝĂƚŽŵƐ ƵƐƵĂůůLJ ďĞĐŽŵĞ ƌĞůĞǀĂŶƚ ŝŶ ŶŽŶͲĐLJĐůŝĐĂů
ĞǀĞŶƚƐ ;ďůŽŽŵƐ ĂŶĚ ƌĞĚ ƚŝĚĞƐͿ ǁŝƚŚ ĞĐŽůŽŐŝĐĂů͕ ĞĐŽŶŽŵŝĐ ĂŶĚ ƐŽĐŝĂů ĐŽŶƐĞƋƵĞŶĐĞƐ ŝŶ
ƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͘

ƐƚƵĂƌŝĞƐ ĂƌĞ ƚƌĂŶƐŝƚŝŽŶ ƐLJƐƚĞŵƐ͕ ďĞƚǁĞĞŶ ĨƌĞƐŚǁĂƚĞƌ ĂŶĚ ƐĂůƚǁĂƚĞƌ͕ ǁŚĞƌĞ ƚŚĞƐĞ
ĞdžƉůŽƐŝǀĞ ďůŽŽŵƐ ŽĨ ƚŽdžŝĐ ƉŚLJƚŽƉůĂŶŬƚŽŶ ĐĂŶ ŵŽĚŝĨLJ ƚŚĞ ĚĞůŝĐĂƚĞ ďĂůĂŶĐĞ ƚŚĂƚ ŝƐ ƐĞƚ
ĂůŽŶŐ ƚŚĞŵ ĚĂŝůLJ ƚŝĚĂů ĐLJĐůĞƐ ĂŶĚ ƚĞŵƉĞƌĂƚƵƌĞ ĐŚĂŶŐĞƐ͕ ĚŽǁŶůŽĂĚ ĨƌĞƐŚǁĂƚĞƌ ĂŶĚ
ĞǀĂƉŽƌĂƚŝŽŶŝŶƚĞƌĂŶŶƵĂůǀĂƌŝĂƚŝŽŶƐ͘dŽdžŝĐĨƌĞƐŚǁĂƚĞƌĂŶĚƐĂůƚǁĂƚĞƌƉŚLJƚŽƉůĂŶŬƚŽŶŚĂƐ
ƚŚĞĂĐĐĞƐƐƚŽƚŚĞŵĂŶĚĐĂŶĐĂƵƐĞƉƌŽďůĞŵƐ͕ĚŝƐƌƵƉƚŝŶŐƚŚĞŝƌĞĐŽůŽŐŝĐĂůƉƌŽĐĞƐƐĞƐ͘

dŚŝƐ ƚŚĞƐŝƐ ŝƐ ĐůĞĂƌůLJ ĚŝǀŝĚĞĚ ŝŶƚŽ ƚǁŽ ƉĂƌƚƐ͕ ƚŽ ƐƚƵĚLJ ƚŚĞ ĚLJŶĂŵŝĐƐ ŽĨ ƉŚŽƚŽƐLJŶƚŚĞƚŝĐ
ŽƌŐĂŶŝƐŵƐŝŶƚŚĞĞƐƚƵĂƌLJ͕ĞŶĐŽŵƉĂƐƐŝŶŐĨŽƵƌƉƵďůŝƐŚĞĚĂƌƚŝĐůĞƐĂŶĚŽŶĞŝŶƉƌĞƐƐ͘

/ŶƚŚĞĨŝƌƐƚƉĂƌƚǁĞĨŽĐƵƐŽŶƚŽdžŝĐĨƌĞƐŚǁĂƚĞƌƉŚLJƚŽƉůĂŶŬƚŽŶ͕ǁŽƌŬŝŶŐǁŝƚŚĞŝŐŚƚƐƚƌĂŝŶƐ
ŽĨDŝĐƌŽĐLJƐƚŝƐĂĞƌƵŐŝŶŽƐĂĂŶĚĂŶŽŶƚŽdžŝĐĐŚůŽƌŽƉŚLJƚĞ;ŝĐƚLJŽƐƉŚĂĞƌŝƵŵ ĐŚůŽƌĞůůŽŝĚĞƐͿ
ĂƐ Ă ĐŽŶƚƌŽů͘ /Ŷ ƚŚĞ ĨŝƌƐƚ ĂƌƚŝĐůĞ ǁĞ ůŽŽŬ Ăƚ ƚŚĞ ĐŽŶƐĞƋƵĞŶĐĞƐ ŽŶ ƚŚĞ ƉŚLJƐŝŽůŽŐLJ ĂŶĚ
ŐƌŽǁƚŚ ŽĨ ŝŶĐƌĞĂƐŝŶŐ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ŽĨ ƐĂůƚ͕ ƐŝŵŝůĂƌ ƚŽ ƚŚĞ ŵĞĚŝƵŵ ƉƌĞƐĞŶƚ ŝŶ ƚŚĞ
ĞƐƚƵĂƌLJ;ďƌĂĐŬŝƐŚǁĂƚĞƌͿ͘/ŶƚŚĞƐĞĐŽŶĚ͕ǁŽƌŬŝŶŐǁŝƚŚƌƚĞŵŝĂĨƌĂŶĐŝƐĐĂŶĂĂƐĂŵŽĚĞů
ŽĨ njŽŽƉůĂŶŬƚŽŶ ǁĞ ĐŚĞĐŬ ƚŚĞ ĐŽŶƐĞƋƵĞŶĐĞƐ ŽĨ ĞdžƉŽƐƵƌĞ ƚŽ ƚŽdžŝĐ ƐƚƌĂŝŶƐ ĂŶĚ ƚŚĞŝƌ
ĞdžƚƌĂĐƚƐ͘ /Ŷ ƚŚĞ ƚŚŝƌĚ ǁĞ ĐŽŵƉĂƌĞĚ Ă ĐŽŵŵĞƌĐŝĂů ƚĞƐƚ ĨŽƌ ďĂĐƚĞƌŝĂů ďŝŽůƵŵŝŶĞƐĐĞŶĐĞ
ǁŝƚŚŽƚŚĞƌŵĞƚŚŽĚƐĂƉƉůŝĞĚƚŽƚŚĞƉƌĞĚŝĐƚŝŽŶŽĨƚŽdžŝĐŽůŽŐŝĐĂůĐŽŶĐĞƌŶŝŶĐLJĂŶŽďĂĐƚĞƌŝĂů
ďůŽŽŵƐ͘

/ŶƚŚĞƐĞĐŽŶĚƉĂƌƚ͕ĂƐƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐŽĨŵĂƌŝŶĞƉŚLJƚŽƉůĂŶŬƚŽŶǁĞǁŽƌŬǁŝƚŚĂƚŽdžŝĐ
ĚŝĂƚŽŵ ;EŝƚnjƐĐŚŝĂ ƐƉƉ͘ EϭϭͿ ĂŶĚ ƚǁŽ ƚŽdžŝĐ ĚŝŶŽĨůĂŐĞůůĂƚĞƐ ;WƌŽƌŽĐĞŶƚƌƵŵ ůŝŵĂ ĂŶĚ
ůĞdžĂŶĚƌŝƵŵŵŝŶƵƚƵŵͿĂŶĚĂůƐŽĂŶŽŶͲƚŽdžŝĐĐŽŶƚƌŽůĐŚůŽƌŽƉŚLJƚĞ;dĞƚƌĂƐĞůŵŝƐƐƵĞĐŝĐĂͿ͘
/Ŷ ƚŚĞ ĨŝƌƐƚ ƐƚƵĚLJ ;ŝŶ ƉƌĞƐƐͿ ƚŚŝƐ ƉŚŽƚŽƐLJŶƚŚĞƚŝĐ ŵŝĐƌŽŽƌŐĂŶŝƐŵƐ ĂƌĞ ĞdžƉŽƐĞĚ ƚŽ
ĚĞĐƌĞĂƐŝŶŐ ƐĂůƚ ĐŽŶĐĞŶƚƌĂƚŝŽŶƐ ;ƐŝŵŝůĂƌ ƚŽ ƚŚŽƐĞ ƉƌĞƐĞŶƚ ŝŶ ƚŚĞ ŚŝŐŚĞƌ ĂƌĞĂƐ ŽĨ ƚŚĞ
ĞƐƚƵĂƌLJ͕ ǁŝƚŚ ŐƌĞĂƚ ŝŵƉŽƌƚĂŶĐĞ ŽĨ ĐŽŶƚŝŶĞŶƚĂů ǁĂƚĞƌ ĚŝƐĐŚĂƌŐĞͿ ƚŽ ƐĞĞ ƚŚĞ
ƉŚŽƚŽƐLJŶƚŚĞƐŝƐ ĂŶĚ ŐƌŽǁƚŚ ƌĞƐƉŽŶƐĞ ƚŽ ŽƐŵŽƚŝĐ ƐƚƌĞƐƐ͘ /Ŷ ƚŚĞ ƐĞĐŽŶĚ ǁŽƌŬ ǁŝƚŚ ƚŚĞ

ϭϳ

ƐĂŵĞŵŽĚĞůŽĨnjŽŽƉůĂŶŬƚŽŶƚŚĂŶƚŚĞƉƌĞǀŝŽƵƐƉĂƉĞƌ͕ǁĞƚĞƐƚĞĚƚŚĞŝƌĞdžƉŽƐƵƌĞƚŽƚŽdžŝĐ
ƉŚLJƚŽƉůĂŶŬƚŽŶ ƐƉĞĐŝĞƐ͕ ĂƐ ǁĞůů ĂƐ ƉŽƐƐŝďůĞ ŵŝdžĞĚ ďůŽŽŵƐ ďĞƚǁĞĞŶ ŵĂƌŝŶĞ ƐƉĞĐŝĞƐ
ƐƚƵĚŝĞĚ͘

KƵƌƌĞƐƵůƚƐƐŚŽǁƚŚĂƚƚŚĞƵƉǁĞůůŝŶŐŽĨŚĂƌŵĨƵůĂůŐĂůďůŽŽŵƐĐŽƵůĚďĞĂƌĞĂůƉƌŽďůĞŵŝŶ
ĞƐƚƵĂƌŝĞƐ͕ ďĞĐĂƵƐĞ ƐŽŵĞ ŽƌŐĂŶŝƐŵƐ ŝŶǀŽůǀĞĚ ƚŽůĞƌĂƚĞ ĐŽŶĚŝƚŝŽŶƐ ŽĨ ƐĂůŝŶŝƚLJ ĂŶĚ ƚŚĞŝƌ
ĐŽŶĐĞŶƚƌĂƚŝŽŶƐĐĂŶƐƵƉƉŽƐĞĂƌŝƐŬƚŽnjŽŽƉůĂŶŬƚŽŶ͕ƐŽƚŚĂƚŵŽŶŝƚŽƌŝŶŐŽĨƚŚĞƐĞĞǀĞŶƚƐŝƐ
ŶĞĐĞƐƐĂƌLJĨŽƌďŽƚŚĞĐŽůŽŐŝĐĂůĂŶĚƉƵďůŝĐŚĞĂůƚŚƉƵƌƉŽƐĞƐ͘




ϭϴ



ϯ͘/EdZKh/ME
ϭϵ

 

ϮϬ

ϯ͘ϭ͘/DWKZdE/K>M'/>&/dKW>EdKE
&/dKW>EdKE
ů ĨŝƚŽƉůĂŶĐƚŽŶ ĞƐ Ğů ĐŽŵƉŽŶĞŶƚĞ ĂƵƚſƚƌŽĨŽ ĚĞ ůĂ ĐŽŵƵŶŝĚĂĚ
ĐŽŵƵŶŝĚĂĚ ƉůĂŶĐƚſŶŝĐĂ͘ ŶŐůŽďĂ Ăů
ĐŽŶũƵŶƚŽƉŽůŝĨŝůĠƚŝĐŽĚĞŵŝĐƌŽŽƌŐĂŶŝƐŵŽƐĐĂƉĂĐĞƐĚĞƌĞĂůŝnjĂƌůĂĨŽƚŽƐşŶƚĞƐŝƐŽdžŝŐĠŶŝĐĂ͘
ĐŽŶũƵŶƚŽƉŽůŝĨŝůĠƚŝĐŽĚĞŵŝĐƌŽŽƌŐĂŶŝƐŵŽƐĐĂƉĂĐĞƐĚĞƌĞĂůŝnjĂƌůĂĨŽƚŽƐşŶƚĞƐŝƐŽdžŝŐĠŶŝĐĂ͘
ŽŵƉƌĞŶĚĞ ƉƌŽĐĂƌŝŽƚĂƐ ;ĐŝĂŶŽďĂĐƚĞƌŝĂƐͿ͕
;ĐŝĂŶŽďĂĐƚĞƌŝĂƐͿ͕ ƉƌŽƚŝƐƚĂƐ ;ĚŝŶŽĨůĂŐĞůĂĚŽƐͿ LJ ĞƵĐĂƌŝŽƚĂƐ
ĞƵĐĂƌŝŽƚ
;ĐůŽƌŽĨşĐĞĂƐͿ͕ ƋƵĞ ƐĞ ĞŶĐƵĞŶƚƌĂŶ ĨŽƌŵĂŶĚŽ ƉĂƌƚĞ ĚĞ ƚŽĚŽƐ ůŽƐ ĞĐŽƐŝƐƚĞŵĂƐ ĂĐƵĄƚŝĐŽƐ
ĚĞůƉůĂŶĞƚĂ͕ŵĂƌŝŶŽƐLJĐŽŶƚŝŶĞŶƚĂůĞƐ;<ŝƌŬ͕ϭϵϵϰͿ͕ŚĂďŝƚĂŶĚŽĐĞƌĐĂĚĞůĂƐƵƉĞƌĨŝĐŝĞĚĞůĂ
ĚĞůƉůĂŶĞƚĂ͕ŵĂƌŝŶŽƐLJĐŽŶƚŝŶĞŶƚĂůĞƐ;<ŝƌŬ͕ϭϵϵϰͿ͕ŚĂďŝƚĂŶĚŽĐĞƌĐĂĚĞůĂƐƵƉĞƌĨŝĐŝĞĚĞůĂ
ĐŽůƵŵŶĂĚĞĂŐƵĂ͕ĚſŶĚĞĐĂƉƚĂŶ
ĐŽůƵŵŶĂĚĞĂŐƵĂ͕ĚſŶĚĞĐĂƉƚĂŶůĂůƵnjŶĞĐĞƐĂƌŝĂƉĂƌĂůĂĨŽƚŽƐşŶƚĞƐŝƐ͘

ƐƚŽƐŵŝĐƌŽŽƌŐĂŶŝƐŵŽƐũƵĞŐĂŶƵŶŝŵƉŽƌƚĂŶƚĞƉĂƉĞůĞŶĞůĞƋƵŝůŝďƌŝŽŐůŽďĂůĚĞůƉůĂŶĞƚĂ͘
ƐƚŽƐŵŝĐƌŽŽƌŐĂŶŝƐŵŽƐũƵĞŐĂŶƵŶŝŵƉŽƌƚĂŶƚĞƉĂƉĞůĞŶĞůĞƋƵŝůŝďƌŝŽŐůŽďĂůĚĞůƉůĂŶĞƚĂ͘
ƚƌĂǀĠƐĚĞůĂĨŽƚŽƐşŶƚĞƐŝƐŽdžŝŐĠŶŝĐĂƌĞĚƵĐĞŶĐĂƌďŽŶŽŝŶŽƌŐĄŶŝĐŽ;KϮLJĐĂƌďŽŶĂƚŽƐͿĂ
ƚƌĂǀĠƐĚĞůĂĨŽƚŽƐşŶƚĞƐŝƐŽdžŝŐĠŶŝĐĂƌĞĚƵĐĞŶĐĂƌďŽŶŽŝŶŽƌŐĄŶŝĐŽ;KϮLJĐĂƌďŽŶĂƚŽƐͿĂ
ĐĂƌďŽŶŽŽƌŐĄŶŝĐŽ;ĂnjƷĐĂƌĞƐͿ͕ĞŶƵŶƉƌŽĐĞƐŽĐŽŶŽĐŝĚŽĐŽŵŽƉƌŽĚƵĐĐŝſŶƉƌŝŵĂƌŝĂ͕ƋƵĞ
ĐĂƌďŽŶŽŽƌŐĄŶŝĐŽ;ĂnjƷĐĂƌĞƐͿ͕ĞŶƵŶƉƌŽĐĞƐŽĐŽŶŽĐŝĚŽĐŽŵŽƉƌŽĚƵĐĐŝſŶƉƌŝŵĂƌŝĂ͕ƋƵĞ
ĞƐ ůĂ ďĂƐĞ ĚĞ ůĂ ŵĂLJŽƌşĂ ĚĞ ůĂƐ ĐĂĚĞŶĂƐ ƚƌſĨŝĐĂƐĞŶ
ƚƌſĨŝĐĂƐĞŶ ůŽƐ ƐŝƐƚĞŵĂƐ ĂĐƵĄƚŝĐŽƐ͕ ŵĂƌŝŶŽƐLJ
ĐŽŶƚŝŶĞŶƚĂůĞƐ͘ƵƌĂŶƚĞĞƐƚĞƉƌŽĐĞƐŽƐĞĚĞƐƉƌĞŶĚĞƚĂŵďŝĠŶŽdžşŐĞŶŽ͕ƋƵĞƐĞůŝďĞƌĂĂůĂ
ĐŽŶƚŝŶĞŶƚĂůĞƐ͘ƵƌĂŶƚĞĞƐƚĞƉƌŽĐĞƐŽƐĞĚĞƐƉƌĞŶĚĞƚĂŵďŝĠŶŽdžşŐĞŶŽ͕ƋƵĞƐĞůŝďĞƌĂĂůĂ
ĂƚŵſƐĨĞƌĂƚĞƌƌĞƐƚƌĞLJƋƵĞĚĂĚŝƐƉŽŶŝďůĞƉĂƌĂŽƚƌŽƐŽƌŐĂŶŝƐŵŽƐĂĞƌŽďŝŽƐĚĞůĂďŝŽƐĨĞƌĂ͘
ĂƚŵſƐĨĞƌĂƚĞƌƌĞƐƚƌĞLJƋƵĞĚĂĚŝƐƉŽŶŝďůĞƉĂƌĂŽƚƌŽƐŽƌŐĂŶŝƐŵŽƐĂĞƌŽďŝŽƐĚĞůĂďŝŽƐĨĞƌĂ͘

&/'hZϯ͘ϭ;ͿD/ZK
/'hZϯ͘ϭ;ͿD/ZK>'^zZKd1&ZK^͕:DW>KK^/^dDD/ZK^MW/Khd/
D/ZK^MW/Khd/K

ƉƌŽdžŝŵĂĚĂŵĞŶƚĞůĂŵŝƚĂĚĚĞůĂƉƌŽĚƵĐĐŝſŶƉƌŝŵĂƌŝĂ ƚŽƚĂůĚĞůƉůĂŶĞƚĂƐĞƉƌŽĚƵĐĞĞŶ
ƉƌŽdžŝŵĂĚĂŵĞŶƚĞůĂŵŝƚĂĚĚĞůĂƉƌŽĚƵĐĐŝſŶƉƌŝŵĂƌŝĂƚŽƚĂůĚĞůƉůĂŶĞƚĂƐĞƉƌŽĚƵĐĞĞŶ
ĞĐŽƐŝƐƚĞŵĂƐ ĂĐƵĄƚŝĐŽƐ ;&ĂůŬŽǁƐŬLJ Ğƚ Ăů͘ ϭϵϵϴͿ͕ ƐŝĞŶĚŽ
ĞŶĚŽ Ğů ĨŝƚŽƉůĂŶĐƚŽŶ ŽĐĞĄŶŝĐŽ Ğů
ƌĞƐƉŽŶƐĂďůĞ ĚĞ ŐƌĂŶ ƉĂƌƚĞ ĚĞ ůĂ ƉƌŽĚƵĐĐŝſŶ ƉƌŝŵĂƌŝĂ
ƉƌŝŵĂƌŝĂ ŶĞƚĂ ŐůŽďĂů ;sĂůŝĞůĂ͕ ϭϵϵϱ͖
ĞŚƌĞŶĨĞůĚ Ğƚ Ăů͘ ϮϬϬϭͿ͘ >Ă ĨŽƚŽƐşŶƚĞƐŝƐ ĞƐ ůĂ ďĂƐĞ ĚĞ ůĂ ŵĂLJŽƌ ƉĂƌƚĞ
ƉĂƌƚĞ ĚĞ ůĂ ďŝŽŵĂƐĂ LJ

Ϯϭ

ďŝŽĚŝǀĞƌƐŝĚĂĚ ĚĞů ƉůĂŶĞƚĂ͕ ƉŽƌ ůŽ ƋƵĞ ĐƵĂůƋƵŝĞƌ ĨĂĐƚŽƌ ƋƵĞ ĂůƚĞƌĞ Ğů ĐƌĞĐŝŵŝĞŶƚŽ Ž ůĂ
ĂĐƚŝǀŝĚĂĚ ĨŽƚŽƐŝŶƚĠƚŝĐĂ ĚĞ ĞƐƚŽƐ ŵŝĐƌŽŽƌŐĂŶŝƐŵŽƐ͕ ŝŶĨůƵŝƌĄ ƚĂŵďŝĠŶ ƐŽďƌĞ ĞƐƚŽƐ ĚŽƐ
ĨĂĐƚŽƌĞƐ͘

DƵĐŚĂƐĞƐƉĞĐŝĞƐĨŝƚŽƉůĂŶĐƚſŶŝĐĂƐƉƌŽĚƵĐĞŶƚŽdžŝŶĂƐƋƵĞƚŝĞŶĞŶŝŵƉĂĐƚŽĚŝƌĞĐƚŽƐŽďƌĞ
ŽƚƌŽƐ ŝŶǀĞƌƚĞďƌĂĚŽƐ LJ ǀĞƌƚĞďƌĂĚŽƐ͘ ŝĂŶŽďĂĐƚĞƌŝĂƐ͕ ĚŝĂƚŽŵĞĂƐ͕ ĐƌLJƐŽƉŚLJƚĂƐ LJ
ĚŝŶŽĨůĂŐĞůĂĚŽƐƉƵĞĚĞŶƐŝŶƚĞƚŝnjĂƌĐŽŵƉƵĞƐƚŽƐƋƵĞĂĨĞĐƚĂŶĂŽƌŐĂŶŝƐŵŽƐƋƵĞŝŶŐŝĞƌĞŶĞů
ĐŝƚŽƉůĂƐŵĂ ĐĞůƵůĂƌ͕ Ž ďŝĞŶ Ăů ĐŽůĂƉƐĂƌ͕ ůŝďĞƌĂƌ ƐƵƐ ƚŽdžŝŶĂƐ Ăů ŵĞĚŝŽ͘ ƐƚĂƐ ƚŽdžŝŶĂƐ
ƉƵĞĚĞŶ ĞŶĐŽŶƚƌĂƌƐĞ ĞŶ ƚŽĚŽƐ ůŽƐ ŶŝǀĞůĞƐ ƚƌſĨŝĐŽƐ͕ ŐƌĂĐŝĂƐ Ă ůŽƐ ĨĞŶſŵĞŶŽƐ ĚĞ
ďŝŽĂĐƵŵƵůĂĐŝſŶLJďŝŽŵĂŐŶŝĨŝĐĂĐŝſŶ͘

>ĂƐŵĂƌŝƐŵĂƐ͕ŚƵŵĞĚĂůĞƐ͕ĞƐƚƵĂƌŝŽƐLJďĂŚşĂƐĞƐƚĄŶĞŶƚƌĞůŽƐƐŝƐƚĞŵĂƐŵĄƐƉƌŽĚƵĐƚŝǀŽƐ
ĚĞů ƉůĂŶĞƚĂ͕ LJ ƉƌŽƉŽƌĐŝŽŶĂŶ ƵŶ ŚĄďŝƚĂƚ ĞƐĞŶĐŝĂů Ă ŵƵĐŚĂƐ ĞƐƉĞĐŝĞƐ ĂĐƵĄƚŝĐĂƐ LJ
ƚĞƌƌĞƐƚƌĞƐ;DĐ>ƵƐŬLJĂŶĚůůŝŽƚ͕ϮϬϬϰͿ͘'ƌĂŶƉĂƌƚĞĚĞƐƵƉƌŽĚƵĐƚŝǀŝĚĂĚLJďŝŽĚŝǀĞƌƐŝĚĂĚ
ĞƐƚĄ ƌĞůĂĐŝŽŶĂĚĂ ĐŽŶ ůĂ ƉƌŽĚƵĐĐŝſŶ LJ ĐŽŵƉŽƐŝĐŝſŶ ĚĞů ĨŝƚŽƉůĂŶĐƚŽŶ͘ >ĂƐ ǀĂƌŝĂĐŝŽŶĞƐ
ƚĞŵƉŽƌĂůĞƐ ĞŶ ůĂ ĐŽŵƉŽƐŝĐŝſŶ ĚĞů ĨŝƚŽƉůĂŶĐƚŽŶ͕ Ž ƐƵ ƐƵĐĞƐŝſŶ ĞŶ ĞƐƚŽƐ ƐŝƐƚĞŵĂƐ
ŵĂƌŝŶŽƐ ĞƐƚĄŶ ƌĞůĂĐŝŽŶĂĚĂƐ ĐŽŶ ůĂ ĐŽŵƉůĞũĂ ŝŶƚĞƌƌĞůĂĐŝſŶ ĞŶƚƌĞ ŵƵĐŚŽƐ ĨĂĐƚŽƌĞƐ ƋƵĞ
ƉƵĞĚĞŶ ŝŶĐůƵŝƌ ƚĞŵƉĞƌĂƚƵƌĂ LJ ĞƐƚƌĂƚŝĨŝĐĂĐŝſŶ ĚĞů ĂŐƵĂ͕ ƉƌĞƐĞŶĐŝĂ ĚĞ ŶƵƚƌŝĞŶƚĞƐ
ŝŶŽƌŐĄŶŝĐŽƐ͕ ĚŝƐƉŽŶŝďŝůŝĚĂĚ ĚĞ ůƵnj͕ ƉƌĞƐŝſŶ ĂůŝŵĞŶƚĂƌŝĂ ĚĞů njŽŽƉůĂŶĐƚŽŶ LJ ĂůĞůŽƉĂƚşĂ
;ĂƌďŽƐĂĞƚĂů͘ϮϬϭϬ͖WƵůŝŶĂĞƚĂů͘ϮϬϭϮ͖ĂůŝĐĞƚĂů͘ϮϬϭϯͿ͘Ɛş͕ĨĂĐƚŽƌĞƐƋƵĞĂĐƚƷĂŶĞŶůĂ
ďĂƐĞĚĞůĂƐƌĞĚĞƐƚƌſĨŝĐĂƐƉƵĞĚĞŶŝŶĨůƵĞŶĐŝĂƌůĂĨŽƌŵĂLJĨƵŶĐŝŽŶĂŵŝĞŶƚŽĚĞůĞĐŽƐŝƐƚĞŵĂ
ĞŶƚĞƌŽ͘

ϯ͘Ϯ͘&>KZD/EdK^D/ZK>'^͗hEWZK>DKE
Dj>d/W>^h^^zKE^hE/^͘
>ŽƐĂĨůŽƌĂŵŝĞŶƚŽƐ;ďůŽŽŵƐͿĚĞŵŝĐƌŽĂůŐĂƐƐŽŶĞǀĞŶƚŽƐĚĞŵƵůƚŝƉůŝĐĂĐŝſŶLJĂĐƵŵƵůĂĐŝſŶ
ĚĞ ŽƌŐĂŶŝƐŵŽƐ ƉůĂŶĐƚſŶŝĐŽƐ ĞŶ ƵŶ ĐŽƌƚŽ ƉĞƌŝŽĚŽ ĚĞ ƚŝĞŵƉŽ ;ŚŽƌĂƐ Ă ĚşĂƐͿ͘ ^ŽŶ
ĨĞŶſŵĞŶŽƐ ŶĂƚƵƌĂůĞƐ ƋƵĞ ŽĐƵƌƌĞŶ ĂŶƚĞ ĚĞƚĞƌŵŝŶĂĚĂƐ ĐŽŶĚŝĐŝŽŶĞƐ ĂŵďŝĞŶƚĂůĞƐ ƋƵĞ
ĨĂǀŽƌĞĐĞŶ Ğů ĐƌĞĐŝŵŝĞŶƚŽ ĚĞƵŶĂƐĞƐƉĞĐŝĞƐ ŵĄƐƋƵĞŽƚƌĂƐ͘ džŝƐƚĞ ƵŶĂ ŐƌĂŶ ĚŝǀĞƌƐŝĚĂĚ
ƚĂdžŽŶſŵŝĐĂ ĞŶ ůĂƐ ĞƐƉĞĐŝĞƐ ĚĞ ĨŝƚŽƉůĂŶĐƚŽŶ ĐĂƉĂĐĞƐ ĚĞ ĨŽƌŵĂƌ ĂĨůŽƌĂŵŝĞŶƚŽƐ͕ ƋƵĞ
ĐŽŵƉƌĞŶĚĞŶ ĚĞƐĚĞ ƉƌŽƚŝƐƚĂƐ ĚĞ ůĂƐ ĐůĂƐĞƐ ĂĐŝůůĂƌŝŽƉŚLJĐĞĂĞ ;ĚŝĂƚŽŵĞĂƐͿ͕
ŚůŽƌŽƉŚLJĐĞĂĞ ;ĂůŐĂƐ ǀĞƌĚĞƐͿ Ž ŝŶŽƉŚLJĐĞĂĞ ;ĚŝŶŽĨůĂŐĞůĂĚŽƐͿ͕ ŚĂƐƚĂ ďĂĐƚĞƌŝĂƐ ĚĞ ůĂ
ϮϮ

ĐůĂƐĞ LJĂŶŽƉŚLJĐĞĂĞ ;ĐŝĂŶŽďĂĐƚĞƌŝĂƐͿ͘ WƵĞĚĞŶ ŽĐĂƐŝŽŶĂƌ
ŽĐĂƐŝŽŶĂƌ ĚŝĨĞƌĞŶƚĞƐ ƚŝƉŽƐ ĚĞ
ĂůƚĞƌĂĐŝŽŶĞƐ ƐŽďƌĞ Ğů ĞĐŽƐŝƐƚĞŵĂ
ĞĐŽƐŝƐƚĞ LJ ƐƵƐ ĐŽŵƉŽŶĞŶƚĞƐ͗͗ ĨůŽƌĂŵŝĞŶƚŽƐ͕
ĨůŽƌĂŵŝĞŶƚŽƐ ŝŶĐůƵƐŽ ĚĞ
ĞƐƉĞĐŝĞƐ ŶŽ ƉƌŽĚƵĐƚŽƌĂƐ ĚĞ ƚŽdžŝŶĂƐ͕
ƚŽdžŝŶĂƐ ĂŐŽƚĂŶ Ğů ŽdžşŐĞŶŽ
ŶŽ ĚŝƐƵĞůƚŽ ĚĞů ĂŐƵĂ
ĂŐƵĂ LJ ƉƵĞĚĞŶ
ŝƌƌŝƚĂƌ ůĂƐ ďƌĂŶƋƵŝĂƐ
ĂŶƋƵŝĂƐ ĚĞ ůŽƐ ƉĞĐĞƐ͕ ŵŝĞŶƚƌĂƐ ƋƵĞ ůĂƐ ĞƐƉĞĐŝĞƐ ƚſdžŝĐĂƐ
ƚſdž ƐĞ ĂĐƵŵƵůĂŶ
ƌĄƉŝĚĂŵĞŶƚĞ ĞŶ Ğů ĂŐƵĂ LJ ƐƵƉŽŶĞŶ
ƐƵƉŽŶĞŶ ƵŶĂ ĂŵĞŶĂnjĂ ƉĂƌĂ ůŽƐ ŵŝƐŵŽƐ ƉĞĐĞƐ͕ ůĂƐ ĂǀĞƐ LJ
ƚĂŵďŝĠŶƉĂƌĂĞůƐĞƌŚƵŵĂŶŽ͘>ŽƐĂĨůŽƌĂŵŝĞŶƚŽƐƉƵĞĚĞŶĂĨĞĐƚĂƌĂůĂƐƉĞƌƐŽŶĂƐƉŽƌƚƌĞƐ
ƚĂŵďŝĠŶƉĂƌĂĞůƐĞƌŚƵŵĂŶŽ͘>ŽƐĂĨůŽƌĂŵŝĞŶƚŽƐƉƵĞĚĞŶĂĨĞĐƚĂƌĂůĂƐƉĞƌƐŽŶĂƐƉŽƌƚƌĞƐ
ǀşĂƐ͗ŽŶƐƵŵŽĚĞƉĞƐĐĂĚŽ ŽŵĂƌŝƐĐŽĐŽŶƚĂŵŝŶĂĚŽ͕ŝŶŐĞƐƚŝſŶĚĞĂŐƵĂĐŽŶƚŽdžŝŶĂƐ;ƉŽƌ
ǀşĂƐ͗ŽŶƐƵŵŽĚĞƉĞƐĐĂĚŽŽŵĂƌŝƐĐŽĐŽŶƚĂŵŝŶĂĚŽ͕ŝŶŐĞƐƚŝſŶĚĞĂŐƵĂĐŽŶƚŽdžŝŶĂ
ĞũĞŵƉůŽĚƵƌĂŶƚĞĞůďĂŹŽĞŶĂŐƵĂƐĚĞƌĞĐƌĞŽͿŽŝŶŚĂůĂĐŝſŶĚĞĂĞƌŽƐŽůĞƐ;ϮϬϭϮͿ͘
ĞũĞŵƉůŽĚƵƌĂŶƚĞĞůďĂŹŽĞŶĂŐƵĂƐĚĞƌĞĐƌĞŽͿŽŝŶŚĂůĂĐŝſŶĚĞĂĞƌŽƐŽůĞƐ;ϮϬϭϮͿ͘

&/'hZϯ͘Ϯ;Ϳ&>KZ
/'hZϯ͘Ϯ;Ϳ&>KZD/EdK/EKdZ/^

ůŝŵƉŽƌƚĂŶƚĞŝŶĐƌĞŵĞŶƚŽĞŶůĂĨƌĞĐƵĞŶĐŝĂĚĞĂƉĂƌŝĐ
ůŝŵƉŽƌƚĂŶƚĞŝŶĐƌĞŵĞŶƚŽĞŶůĂĨƌĞĐƵĞŶĐŝĂĚĞĂƉĂƌŝĐŝſŶLJĚƵƌĂĐŝſŶĚĞĞƐƚŽƐĨĞŶſŵĞŶŽƐ
ĚĞĞƐƚŽƐĨĞŶſŵĞŶŽƐ
Ă ĞƐĐĂůĂ ŵƵŶĚŝĂů ĞƐƚĄ ĂƐŽĐŝĂĚŽ Ăů ŝŶĐƌĞŵĞŶƚŽ ĚĞ ůĂ ĞƵƚƌŽĨŝnjĂĐŝſŶ ĚĞ ůŽƐ ĐƵĞƌƉŽƐ ĚĞ
ĂŐƵĂ ;WĂĞƌů͕ϭϵϵϲͿ͘ >ĂƐ ĂŐƵĂƐ ĐŽŶ ĂůƚŽ ĐŽŶƚĞŶŝĚŽ ĚĞŶƵƚƌŝĞŶƚĞƐ
ĚĞŶƵƚƌŝĞŶƚĞƐ ;ĞƵƚƌŽĨŝnjĂĚĂƐͿ Ƶ ŽƚƌŽƐ
ƌĞƐŝĚƵŽƐƋƵşŵŝĐŽƐ;ĐŽŶƚĂŵŝŶĂĚĂƐͿĂůƚĞƌĂŶůĂ
ƌĞƐŝĚƵŽƐƋƵşŵŝĐŽƐ;ĐŽŶƚĂŵŝŶĂĚĂƐͿĂůƚĞƌĂŶůĂĐŽŵƉŽƐŝĐŝſŶLJĞƐƚƌƵĐƚƵƌĂ ĚĞůĐŽŵƉŽŶĞŶƚĞ
ĚĞ ŵŝĐƌŽŽƌŐĂŶŝƐŵŽƐ ĨŽƚŽƐŝŶƚĠƚŝĐŽƐ ĚĞů ƉůĂŶĐƚŽŶ͘ hŶĂ ĚĞ
ĚĞ ůĂƐ ƌĞƐƉƵĞƐƚĂƐ ŝŶŵĞĚŝĂƚĂƐ LJ
ĞǀŝĚĞŶƚĞƐ ĞƐ ůĂ ĚŝƐŵŝŶƵĐŝſŶ ĚĞ ůĂ ĚŝǀĞƌƐŝĚĂĚ ĚĞ ůĂƐ
ůĂƐ ĐŽŵƵŶŝĚĂĚĞƐ͕ ĨĂǀŽƌĞĐŝĞŶĚŽ Ğů
ŝŶĐƌĞŵĞŶƚŽ ĚĞ ůĂƐ ƉŽĐĂƐ ĞƐƉĞĐŝĞƐ ŵĄƐ ĂƉƚĂƐ ƉĂƌĂ ĐƌĞĐĞƌ
ĐƌĞĐĞƌ ĞŶ ĞƐƚĂƐ ĐŽŶĚŝĐŝŽŶĞƐ
ĞƐƉĞĐŝĂůĞƐ͘ƐƚĞƉƌŽĐĞƐŽƉƵĞĚĞƉƌŽĚƵĐŝƌƐĞĚĞĨŽƌŵĂŶĂƚƵƌĂůĞŝƌƌĞǀĞƌƐŝďůĞ͖ƉĞƌŽůŽŵĄƐ
ĞƐƉĞĐŝĂůĞƐ͘ƐƚĞƉƌŽĐĞƐŽƉƵĞĚĞƉƌŽĚƵĐŝƌƐĞĚĞĨŽƌŵĂŶĂƚƵƌĂůĞŝƌƌĞǀĞƌƐŝďůĞ͖ƉĞƌŽůŽŵĄƐ
ĨƌĞĐƵĞŶƚĞ ĞƐ ƋƵĞ ƐƵ ŽƌŝŐĞŶ ƐĞĂ ĂŶƚƌŽƉŽŐĠŶŝĐŽ͕ ƉŽƌ ĚĞƐĐĂƌŐĂƐ
ĚĞƐĐĂƌŐĂƐ ĚĞ ĂŐƵĂƐ ƌĞƐŝĚƵĂůĞƐ͕ Ž
ďŝĞŶ ƉŽƌ Ğů ůŝdžŝǀŝĂĚŽ ĚĞ ĨĞƌƚŝůŝnjĂŶƚĞƐ ƉƌŽĐĞĚĞŶƚĞƐ ĚĞ ĞdžƉůŽƚĂĐŝŽŶĞƐ ĂŐƌşĐŽůĂƐ͘ Ŷ ĞƐƚĞ
ĞƐƚĞ

Ϯϯ

ĐĂƐŽ͕ ůĂ ƚĂƐĂ ĚĞ ƌĞŶŽǀĂĐŝſŶ ĞƐ ŵƵĐŚŽ ŵĄƐ ƌĄƉŝĚĂ͕ LJ Ğů ƉƌŽĐĞƐŽ ƉƵĞĚĞ ůůĞŐĂƌ Ă ƐĞƌ
ƌĞǀĞƌƐŝďůĞƐŝƐĞĞůŝŵŝŶĂŶůĂƐĐŽŶĚŝĐŝŽŶĞƐƋƵĞůŽƉƌŽƉŝĐŝĂƌŽŶ͘

>ĂƐĐŝĂŶŽďĂĐƚĞƌŝĂƐĞƐƚĄŶƉƌĞƐĞŶƚĞƐĞŶĞĐŽƐŝƐƚĞŵĂƐĚĞĂŐƵĂĚƵůĐĞ͕ƐĂůĂĚĂLJƚĞƌƌĞƐƚƌĞƐ͕
ĚŽŶĚĞ ĂĐƚƷĂŶ ĐŽŵŽ ƉƌŽĚƵĐƚŽƌĞƐ ƉƌŝŵĂƌŝŽƐ͘ ŽŶƐƚŝƚƵLJĞŶ ĂƉƌŽdžŝŵĂĚĂŵĞŶƚĞ ϭϱϬ
ŐĠŶĞƌŽƐ ƋƵĞ ĞŶŐůŽďĂŶ Ă ϮϬϬϬ ĞƐƉĞĐŝĞƐ͘ >Ă ŵĂLJŽƌşĂ ƉƌĞƐĞŶƚĂŶ ƵŶ ŵĞƚĂďŽůŝƐŵŽ
ĨŽƚŽĂƵƚŽƚƌſĨŝĐŽ LJ ĂĞƌſďŝĐŽ͘ ^Ƶ ĐŝĐůŽ ǀŝƚĂů ƐſůŽ ƌĞƋƵŝĞƌĞ ĂŐƵĂ͕ KϮ͕ ƐƵƐƚĂŶĐŝĂƐ
ŝŶŽƌŐĄŶŝĐĂƐ LJ ůƵnj͕ ůŽ ƋƵĞ ůĞƐ ƉĞƌŵŝƚĞ ĐƌĞĐĞƌ ĞŶ ŵĞĚŝŽƐ ŵƵLJ ƐŝŵƉůĞƐ͘ >ĂƐ ĞƐƉĞĐŝĞƐ
ĐĂƉĂĐĞƐĚĞĨŝũĂƌĞůŶŝƚƌſŐĞŶŽĂƚŵŽƐĨĠƌŝĐŽĐŽŶƚƌŝďƵLJĞŶĂůĂĨĞƌƚŝůŝnjĂĐŝſŶĚĞůƐƵĞůŽLJĂŐƵĂ
;ZĂŝ͕ϭϵϵϬͿ͘KƚƌĂƐƐŽŶŝŵƉŽƌƚĂŶƚĞƐĚĞƐĚĞĞůƉƵŶƚŽĚĞǀŝƐƚĂĞĐŽŶſŵŝĐŽ͕ĂůƐĞƌĨƵĞŶƚĞƐ
ĚĞ ĐŽŵƉƵĞƐƚŽƐ ĚĞ ŝŶƚĞƌĠƐ ĐŽŵŽ ĐĂƌŽƚĞŶŽŝĚĞƐ LJ ĂŶƚŝďŝſƚŝĐŽƐ ;&ĂůĐŚ Ğƚ Ăů͕͘ ϭϵϵϱͿ͘
&ŝŶĂůŵĞŶƚĞ͕ ĂůŐƵŶĂƐ ĞƐƉĞĐŝĞƐ ƐĞ ƵƚŝůŝnjĂŶ ĞŶ ĂůŝŵĞŶƚĂĐŝſŶ ƉŽƌ ƐƵ ĂůƚŽ ĐŽŶƚĞŶŝĚŽ ĞŶ
ƉƌŽƚĞşŶĂƐ͕ ǀŝƚĂŵŝŶĂƐ LJ ŽƚƌŽƐ ĨĂĐƚŽƌĞƐ ĚĞ ĐƌĞĐŝŵŝĞŶƚŽ͕ ĐŽŵŽ ĞƐ Ğů ĐĂƐŽ ĚĞ ^ƉŝƌƵůŝŶĂ͕
ƚĞŶŝĞŶĚŽŝŶĐůƵƐŽƵŶĂĨƵŶĐŝſŶŚĞƉĂƚŽƉƌŽƚĞĐƚŽƌĂ;DĂĚƌŝŐĂůͲ^ĂŶƚŝůůĄŶĞƚĂů͘ϮϬϭϰͿ͘

>ŽƐĂĨůŽƌĂŵŝĞŶƚŽƐĚĞĐŝĂŶŽďĂĐƚĞƌŝĂƐƐĞƉƌŽĚƵĐĞŶĞŶĂŐƵĂƐĐŽŶĞůĞǀĂĚŽĐŽŶƚĞŶŝĚŽĞŶ
ŶƵƚƌŝĞŶƚĞƐ ;ƉƌŝŶĐŝƉĂůŵĞŶƚĞ ŶŝƚƌſŐĞŶŽ LJ ĨſƐĨŽƌŽͿ͕ ĐŽŶ ĂůƚĂ ŝŶƚĞŶƐŝĚĂĚ ĚĞ ůƵnj͕ ďĂũĂ
ǀĞůŽĐŝĚĂĚ ĚĞů ǀŝĞŶƚŽ LJ ƚĞŵƉĞƌĂƚƵƌĂƐ ŵĞĚŝĂƐ ƉŽƌ ĞŶĐŝŵĂ ĚĞ ůŽƐ ϭϲ͕ϳǑ ;ŚĂŶŐ Ğƚ Ăů͘
ϮϬϭϮͿ͕ůŽƋƵĞƉĞƌŵŝƚĞƋƵĞĞŶĐůŝŵĂƐƚĞŵƉůĂĚŽƐƐĞĚĞŶĐŽŶŵĂLJŽƌĨƌĞĐƵĞŶĐŝĂĂĨŝŶĂůĞƐ
ĚĞ ƉƌŝŵĂǀĞƌĂ͕ ǀĞƌĂŶŽ LJ ƉƌŝŶĐŝƉŝŽƐ ĚĞů ŽƚŽŹŽ͘ WĞƌŽ ĂĚĞŵĄƐ ĚĞ ĞƐƚŽƐ ĨĂĐƚŽƌĞƐ͕ ůĂƐ
ĐŝĂŶŽďĂĐƚĞƌŝĂƐ ƉŽƐĞĞŶ ŐƌĂŶ ĐĂƉĂĐŝĚĂĚ ƉĂƌĂ ŽďƚĞŶĞƌ ŶŝƚƌſŐĞŶŽ LJ ĨſƐĨŽƌŽ ĚĞů ŵĞĚŝŽ͘
ůŐƵŶĂƐ ĞƐƉĞĐŝĞƐ ƉƵĞĚĞŶ ƵƚŝůŝnjĂƌ Ğů ŶŝƚƌſŐĞŶŽ ŐĂƐĞŽƐŽ ĚŝƐƵĞůƚŽ ĞŶ Ğů ĂŐƵĂ ;Ğ ŝŶĐůƵƐŽ
ĂĐƚƷĂŶ ĐŽŵŽ ĨŝũĂĚŽƌĞƐ ĚĞ ŶŝƚƌſŐĞŶŽ ƉĂƌĂ ůĂƐ ƉůĂŶƚĂƐͿ LJ ƚĂŵďŝĠŶ ŵƵĞƐƚƌĂŶ ƵŶĂ ŐƌĂŶ
ĐĂƉĂĐŝĚĂĚ ĚĞ ĂůŵĂĐĞŶĂŵŝĞŶƚŽ ĚĞ ĨſƐĨŽƌŽ͕ ƋƵĞ ĞƐ Ğů ĞůĞŵĞŶƚŽ ůŝŵŝƚĂŶƚĞ ĚĞ ůĂ
ƉƌŽĚƵĐĐŝſŶĞŶƐŝƐƚĞŵĂƐĂĐƵĄƚŝĐŽĐŽŶƚŝŶĞŶƚĂůĞƐ͘ŶĂůŐƵŶŽƐĐĂƐŽƐĞůWĂůŵĂĐĞŶĂĚŽůĞƐ
ƉĞƌŵŝƚĞůůĞǀĂƌĂĐĂďŽĚĞϮĂϰĚŝǀŝƐŝŽŶĞƐĐĞůƵůĂƌĞƐ;^ĐŚĞƵƌƐ͕ϭϵϵϮͿůŽƋƵĞůĂƐŚĂĐĞŵƵLJ
ĐŽŵƉĞƚŝƚŝǀĂƐĞŶĞƐƚŽƐĂŵďŝĞŶƚĞƐ͘

Ϯϰ

 

&/'hZϯ͘Ϯ;Ϳ͞DZZK:͟K&>KZD/EdK
ZK:͟K&>KZD/EdK/EK&>'>K^;>yEZ/hDD/EhdhD
;>yEZ/hDD/EhdhDͿ

ƵĂŶĚŽĞůĞƉŝƐŽĚŝŽƐĞƉƌŽĚƵĐĞƉƌŝŶĐŝƉĂůŵĞŶƚĞƉŽƌĂůŐƵŶĂƐĞƐƉĞĐŝĞƐĚĞĚ
ƐĞƉƌŽĚƵĐĞƉƌŝŶĐŝƉĂůŵĞŶƚĞƉŽƌĂůŐƵŶĂƐĞƐƉĞĐŝĞƐĚĞĚ
ƐĞƉƌŽĚƵĐĞƉƌŝŶĐŝƉĂůŵĞŶƚĞƉŽƌĂůŐƵŶĂƐĞƐƉĞĐŝĞƐĚĞĚŝŶŽĨůĂŐĞůĂĚŽƐ͕
ƋƵĞ ůĞ ĚĂŶ ƵŶ ĐŽůŽƌ ƌŽũŽ Ž ƉĂƌĚŽ͕ ƉƵĞĚĞ ĚĞŶŽŵŝŶĂƌƐĞ
ĚĞŶŽŵŝŶĂƌƐĞ ŵĂƌĞĂ ƌŽũĂ ;ƌĞĚ
; ƚŝĚĞͿ͘ ƐƚĂƐ
ŵĂƌĞĂƐ ƐĞ ƉƌŽĚƵĐĞŶ ŶĂƚƵƌĂůŵĞŶƚĞ͕ ƉĞƌŽ Ğů ĂŐƵĂ ĚĞ ĂƌƌĂƐƚƌĞ
ĂƌƌĂƐƚƌĞ ƌŝĐĂ ĞŶ ŶƵƚƌŝĞŶƚĞƐ
ŶƵ
ƉƌŽĐĞĚĞŶƚĞĚĞůĂĂŐƌŝĐƵůƚƵƌĂ͕ĞůƚƌĂŶƐƉŽƌƚĞĚĞĞƐƉĞĐŝĞƐƉƌŽĚƵĐƚŽƌĂƐĚĞƚŽdžŝŶĂƐůŝŐĂĚĂƐ
ƉƌŽĐĞĚĞŶƚĞĚĞůĂĂŐƌŝĐƵůƚƵƌĂ͕ĞůƚƌĂŶƐƉŽƌƚĞĚĞĞƐƉĞĐŝĞƐƉƌŽĚƵĐƚŽƌĂƐĚĞƚŽdžŝŶĂƐůŝŐĂĚĂƐ
Ă ůŽƐ ďĂƌĐŽƐ LJ ůĂƐ ĞdžƉůŽƚĂĐŝŽŶĞƐ ĚĞ ĂĐƵŝĐƵůƚƵƌĂ ĐŽƐƚĞƌĂ
ĐŽƐƚĞƌĂ ;ƋƵĞ ƐŽŶ ƵŶĂ ĨƵĞŶƚĞ ĚĞ
ŶƵƚƌŝĞŶƚĞƐLJĂůĂǀĞnjŽďũĞƚŝǀŽƐƉŽƚĞŶĐŝĂůĞƐĚĞůĂƚŽdžŝĐŝĚĂĚĂŵďŝĞŶƚĂůͿƉƵĞĚĞŶƉƌŽǀŽĐĂƌ
ŶƵƚƌŝĞŶƚĞƐLJĂůĂǀĞnjŽďũĞƚŝǀŽƐƉŽƚĞŶĐŝĂůĞƐĚĞůĂƚŽdžŝĐŝĚĂĚĂŵďŝĞŶƚĂůͿƉƵĞĚĞŶƉƌŽ
Ž ĨĂĐŝůŝƚĂƌ ƐƵ ĂƉĂƌŝĐŝſŶ͘ KĐĂƐŝŽŶĂŶ
KĐĂƐŝŽŶĂŶ ŝŵƉŽƌƚĂŶƚĞƐ ĞĨĞĐƚŽƐ ĞĐŽŶſŵŝĐŽƐ͕ ĞĐŽůſŐŝĐŽƐ LJ ĚĞ
ƐĂůƵĚ ƉƷďůŝĐĂ ĞŶ ĞĐŽƐŝƐƚĞŵĂƐ ĐŽƐƚĞƌŽƐ LJ ĚĞ ĞƐƚƵĂƌŝŽ
ĞƐƚƵĂƌŝŽ ;ŶĚĞƌƐŽŶ Ğƚ Ăů͘
Ăů͘ ϮϬϭϮͿ͘ ^ƵƐ
ĐŽŶƐĞĐƵĞŶĐŝĂƐƉƵĞĚĞŶǀĂƌŝĂƌĞŶĨƵŶĐŝſŶĚĞůĂĂĚĂƉƚĂĐŝſŶĚĞůŽƐĞĐŽƐŝƐƚĞŵĂƐŵĂƌŝŶŽƐĂ
ĐŽŶƐĞĐƵĞŶĐŝĂƐƉƵĞĚĞŶǀĂƌŝĂƌĞŶĨƵŶĐŝſŶĚĞůĂĂĚĂƉƚĂĐŝſŶĚĞůŽƐĞĐŽƐŝƐƚĞŵĂƐŵĂƌŝŶŽƐĂ
ůŽƐĐĂŵďŝŽƐĐůŝŵĄƚŝĐŽƐ͕LJůĂƉƌĞĚŝĐĐŝſŶĚĞƐƵĂůĐĂŶĐ
ŽƐĐĂŵďŝŽƐĐůŝŵĄƚŝĐŽƐ͕LJůĂƉƌĞĚŝĐĐŝſŶĚĞƐƵĂůĐĂŶĐĞƌĞƋƵŝĞƌĞƵŶĂŵĞũŽƌĐŽŵƉƌĞŶƐŝſŶ
ĞƌĞƋƵŝĞƌĞƵŶĂŵĞũŽƌĐŽŵƉƌĞŶƐŝſŶ
ĚĞ ůĂ ƌĞƐƉƵĞƐƚĂ ĚĞ ůŽƐ ŽƌŐĂŶŝƐŵŽƐ Ă ĐĂŵďŝŽƐ ŵĞĚŝŽĂŵďŝĞŶƚĂůĞƐ
ŵĞĚŝŽĂŵďŝĞŶƚĂůĞƐ Ă ƉĞƋƵĞŹĂ ĞƐĐĂůĂ
;,ĂůůĞŐƌĂĞĨĨϮϬϭϬͿ͘

>ĂƐ ŵĂƌĞĂƐ ƌŽũĂƐ ĐŽŶƚĂŵŝŶĂŶ ůŽƐ ƌĞĐƵƌƐŽƐ ƉĞƐƋƵĞƌŽƐ͕

ƉĞƐƋƵĞƌŽƐ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ
ĞƐƉĞĐŝĂůŵĞŶƚĞ ĞŶ Ğů ĐĂƐŽ ĚĞ
ĨŝůƚƌĂĚŽƌĞƐ ;ďŝǀĂůǀŽƐͿ͕ LJ ƐĞ ŶĞĐĞƐŝƚĂ ĐŽŶƚƌŽůĂƌ ĨƌĞĐƵĞŶƚĞŵĞŶƚĞ ƐƵƐ ƉĂƌĄŵĞƚƌŽƐ
ƉĂƌĄŵĞƚƌ ƉĂƌĂ
ĂƐĞŐƵƌĂƌůĂƐĞŐƵƌŝĚĂĚĂůŝŵĞŶƚĂƌŝĂĚĞůŽƐĐŽŶƐƵŵŝĚŽƌĞƐ͘>ĂĚŝƐƚƌŝďƵĐŝſŶĚĞůŽƐƋƵŝƐƚĞƐ͕
ĂƐĞŐƵƌĂƌůĂƐĞŐƵƌŝĚĂĚĂůŝŵĞŶƚĂƌŝĂĚĞůŽƐĐŽŶƐƵŵŝĚŽƌĞƐ͘>ĂĚŝƐƚƌŝďƵĐŝſŶĚĞůŽƐƋƵŝƐƚĞƐ͕
ůĂ ĐŝƌĐƵůĂĐŝſŶ ĐŽƐƚĞƌĂ LJ ůĂƐ ĞŶƚƌĂĚĂƐ ĚĞ ĂŐƵĂ ĚƵůĐĞ
ĚƵůĐĞ ;ĞƐƉĞĐŝĂůŵĞŶƚĞ ĞŶ Ğů ĐĂƐŽ ĚĞ
Ě ůŽƐ
ĞƐƚƵĂƌŝŽƐͿĂĨĞĐƚĂŶĚŝƌĞĐƚĂŵĞŶƚĞĂůĂĞǀŽůƵĐŝſŶĚĞůĂŵĂƌĞĂƌŽũĂ;ŶĚĞƌƐŽŶĞƚĂů͘ϮϬϬϱͿ͘
ĞƐƚƵĂƌŝŽƐͿĂĨĞĐƚĂŶĚŝƌĞĐƚĂŵĞŶƚĞĂůĂĞǀŽůƵĐŝſŶĚĞůĂŵĂƌĞĂƌŽũĂ;ŶĚĞƌƐŽŶ
WŽƌ ƐƵ ƉƌŽƉŝĂ ĚĞĨŝŶŝĐŝſŶ ĚĞ ĞdžƉůŽƐŝſŶ ĚĞŵŽŐƌĄĨŝĐĂ͕ ƚŽĚŽƐ ůŽƐ ĨĂĐƚŽƌĞƐ ƋƵĞ ĂĨĞĐƚĞŶ Ă
ƉĞƋƵĞŹĂ ĞƐĐĂůĂ ĞŶ Ğů ĐƌĞĐŝŵŝĞŶƚŽ ĐĞůƵůĂƌ ;ƚĞŵƉĞƌĂƚƵƌĂ
;ƚĞŵƉĞƌĂƚƵƌĂ ĚĞů ĂŐƵĂ͕ ƐĂůŝŶŝĚĂĚ͕
Ϯϱ

ĐŽŶĐĞŶƚƌĂĐŝſŶĚĞŶƵƚƌŝĞŶƚĞƐŽƉƌĞĚĂĐŝſŶƉŽƌƉĂƌƚĞĚĞů
ĐĞŶƚƌĂĐŝſŶĚĞŶƵƚƌŝĞŶƚĞƐŽƉƌĞĚĂĐŝſŶƉŽƌƉĂƌƚĞĚĞůnjŽŽƉůĂŶĐƚŽŶͿĂĨĞĐƚĂƌĄŶƚĂŵďŝĠŶ
njŽŽƉůĂŶĐƚŽŶͿĂĨĞĐƚĂƌĄŶƚĂŵďŝĠŶ
ĂŐƌĂŶĞƐĐĂůĂĂůĂĞǀŽůƵĐŝſŶĚĞů
ĂŐƌĂŶĞƐĐĂůĂĂůĂĞǀŽůƵĐŝſŶĚĞůĂĨůŽƌĂŵŝĞŶƚŽ͘

dĂŶƚŽ ĚŝĂƚŽŵĞĂƐ ĚĞ ůŽƐ ŐĠŶĞƌŽƐ

ŐĠŶĞƌŽ EŝƚnjƐĐŚŝĂ LJ WƐĞƵĚŽŶŝƚnjƐĐŚŝĂ ĐŽŵŽ ůŽƐ ĚŝŶŽĨůĂŐĞůĂĚŽƐ
WƌŽƌŽĐĞŶƚƌƵŵůŝŵĂLJůĞdžĂŶĚƌŝƵŵŵŝŶƵƚƵŵ ŽƌŐĂŶŝƐŵŽƐƋƵĞĨŽƌŵĂŶĂĨůŽƌĂŵŝĞŶƚŽƐ
ůĞdžĂŶĚƌŝƵŵŵŝŶƵƚƵŵƐŽŶŽƌŐĂŶŝƐŵŽƐƋƵĞĨŽƌŵĂŶĂĨůŽƌĂŵŝĞŶƚŽƐ
ĨƌĞĐƵĞŶƚĞƐ ĞŶ ĞĐŽƐŝƐƚĞŵĂƐ ĐŽƐƚĞƌŽƐ LJ ĚĞ ĞƐƚƵĂƌŝŽ͕ ĞƐƉĞĐŝĂůŵĞŶƚĞ
ĞƐƉĞĐŝĂůŵĞŶƚĞ ĞŶ ĂƋƵĞůůŽƐ ĚŽŶĚĞ
ŚĂLJƵŶĂŝŵƉŽƌƚĂŶƚĞĞŶƚƌĂĚĂĚĞĂŐƵĂƐĂůĂĚĂƉŽƌůĂƐŵĂƌĞĂƐ;ĐŽŵŽƐƵĐĞĚĞĞŶŽŹĂŶĂͿ͘
ŚĂLJƵŶĂŝŵƉŽƌƚĂŶƚĞĞŶƚƌĂĚĂĚĞĂŐƵĂƐĂůĂĚĂƉŽƌůĂƐŵĂƌĞĂƐ;ĐŽŵŽƐƵĐĞĚĞĞŶŽŹĂŶĂͿ͘
^ƵƐ ĐŽŶƐĞĐƵĞŶĐŝĂƐĚĞƉĞŶĚĞƌĄŶĞŶ ŐƌĂŶŵĞĚŝĚĂĚĞ ŽƚƌŽƐ
ŽƚƌŽ ĨĂĐƚŽƌĞƐďŝſƚŝĐŽƐ
ĐƚŽƌĞƐďŝſƚŝĐŽƐ LJ ĂďŝſƚŝĐŽƐ
ƉƌĞƐĞŶƚĞƐ ĞŶ Ğů ƐŝƐƚĞŵĂ͕ ƉŽƌ ůŽ ƋƵĞ ĞƐ ŶĞĐĞƐĂƌŝŽ ĞƐƚƵĚŝĂƌ
ĞƐƚƵĚŝĂƌ ĞŶ ƉƌŽĨƵŶĚŝĚĂĚ ƐƵƐ
ŝŶƚĞƌĂĐĐŝŽŶĞƐĐŽŶĞůƌĞƐƚŽĚĞůŽƐĞůĞŵĞŶƚŽƐ͘
ŝŶƚĞƌĂĐĐŝŽŶĞƐĐŽŶĞůƌĞƐƚŽĚĞůŽƐĞůĞŵĞŶƚŽƐ͘

ϯ͘ϯ͘WZKh/MEdKy/E^
ů ĄĐŝĚŽ ĚŽŵŽŝĐŽ ;Ϳ͕ ƵŶ ĂŵŝŶŽĄĐŝĚŽ ƉƌŽĚƵĐŝĚŽ ƉŽƌ ĚŝĂƚŽŵĞĂƐ ďĞŶƚſŶŝĐĂƐ ĚĞ ůŽƐ
ŐĠŶĞƌŽƐ EŝƚnjƐĐŚŝĂ LJWƐĞƵĚŽŶŝƚnjƐĐŚŝĂ
WƐĞƵĚŽŶŝƚnjƐĐŚŝĂ͕ ĞƐ ƵŶ ĂŐŽŶŝƐƚĂ ĚĞů ƌĞĐĞƉƚŽƌ ŐůƵƚĂŵĂƚŽ
ŐůƵƚĂŵĂƚŽ ĞŶĨŽƌŵĂ
ĚĞ ĂŶĄůŽŐŽ ƌşŐŝĚŽ ĚĞů ĂŵŝŶŽĄĐŝĚŽ ĞdžĐŝƚĂƚŽƌŝŽ ŐůƵƚĂŵĂƚŽ͘
ŐůƵƚĂŵĂƚŽ͘ ;dŝĞĚĞŬĞŶ Ğƚ Ăů͘ ϮϬϬϱͿ
ƐƚƵĚŝĂŶĚŽĞůƉŽƐŝďůĞƌŽůĚĞďĂĐƚĞƌŝĂƐĂƐŽĐŝĂĚĂƐĂ
ƐƚƵĚŝĂŶĚŽĞůƉŽƐŝďůĞƌŽůĚĞďĂĐƚĞƌŝĂƐĂƐŽĐŝĂĚĂƐĂWƐĞƵĚŽŶŝƚnjƐĐŚŝĂĞŶůĂƉƌŽĚƵĐĐŝſŶĚĞ
ĞŶůĂƉƌŽĚƵĐĐŝſŶĚĞ
͘ ĚŽŵŽŝĐŽ
ŵŽŝĐŽ ŶŽ ƐĞĚĞŵŽƐƚƌſƋƵĞ ĨƵĞƌĂŶ ƌĞƐƉŽŶƐĂďůĞƐ͕ƉĞƌŽƐş
ƌĞƐƉŽŶƐĂďůĞƐ͕ƉĞƌŽ Ɛş ƋƵĞƉŽĚşĂŶ ƉƌŽǀĞĞƌĚĞ
ƉƌĞĐƵƌƐŽƌĞƐ ƉĂƌĂ ƐƵ ƐşŶƚĞƐŝƐ ;ĂƚĞƐ Ğƚ Ăů͘ ϮϬϬϰͿ͘ >Ă ŝŶŐĞƐƚŝſŶ ĚĞ ŵŽůƵƐĐŽƐ
ĐŽŶƚĂŵŝŶĂĚŽƐ ĐŽŶ ĄĐŝĚŽ ĚŽŵŽŝĐŽ ƉƌŽĚƵĐĞ ĞŶ ƉĞƌƐŽŶĂƐ ƵŶĂ ŝŶƚŽdžŝĐĂĐŝſŶ ĐŽŶŽĐŝĚĂ
ĐŽŵŽŝŶƚŽdžŝĐĂĐŝſŶĂŵŶĠƐŝĐĂƉ
ĐŽŵŽŝŶƚŽdžŝĐĂĐŝſŶĂŵŶĠƐŝĐĂƉŽƌďŝǀĂůǀŽƐ;ĂŵŶĞƐŝĐƐŚĞůůĨŝƐŚƉŽŝƐŽŶŝŶŐ͕^WͿ͘
^WͿ͘

&/'hZϯ͘ϯ;Ϳ^dZh
/'hZϯ͘ϯ;Ϳ^dZhdhZDK>h>Z>/KKDK/K

ů ĄĐŝĚŽŽŬĂĚĂŝĐŽ ;KͿ ĞƐ ƵŶƉŽůŝĞƚĞƌ ĐŽŶĞĨĞĐƚŽ ŶĞƵƌŽƚſdžŝĐŽ͕

ŶĞƵƌŽƚſdžŝĐŽ͕ ƋƵĞ ŝŶŚŝďĞ WWϭ LJ WWϮ
;dĂŶƚŝĞƚĂů͘ϭϵϵϭ͖sĂůĚŝŐůĞƐŝĂƐ
ϭϵϵϭ͖sĂůĚŝŐůĞƐŝĂƐĞƚĂů͘ϮϬϭϯͿ͘ůƐĞƌŝŶŐĞƌŝĚŽƉŽƌĞůƐĞƌŚƵŵĂŶŽ͕ƉƌŽǀŽĐĂ
ůƐĞƌŚƵŵĂŶŽ͕ƉƌŽǀŽĐĂ
ŝŶƚŽdžŝĐĂĐŝſŶĚŝĂƌƌĞŝĐĂƉŽƌďŝǀĂůǀŽƐ;
ƉŽƌďŝǀĂůǀŽƐ;ĚŝĂƌƌĞŝĐƐŚĞůůĨŝƐŚƉŽŝƐŽŶŝŶŐ͕^WͿ͘

Ϯϲ

 

&/'hZϯ͘ϯ;Ϳ^dZh
/'hZϯ͘ϯ;Ϳ^dZhdhZDK>h>Z>/KK</K

>ĂƐ ƐĂdžŝƚŽdžŝŶĂƐ ;^dyͿ ƐŽŶ ƵŶ ŐƌƵƉŽ ĚĞ ĂůĐĂůŽŝĚĞƐ ŶĞƵƌŽƚſdžŝĐŽƐ

ŶĞƵƌŽƚſdžŝĐŽƐ ƉƌŽĚƵĐŝĚŽƐ ƉŽƌ
ĚŝŶŽĨůĂŐĞůĂĚŽƐ LJ ĐŝĂŶŽďĂĐƚĞƌŝĂƐ
ĐŝĂŶŽďĂĐƚĞƌŝĂƐ ĚĞ ĂŐƵĂ ĚƵůĐĞ͘ /ŶĐůƵLJĞŶ ƐĂdžŝƚŽdžŝŶĂ ƉƵƌĂ ;^dyͿ͕
;^dyͿ͕
ŶĞŽƐĂdžŝƚŽdžŝŶĂ ;ŶĞŽ ^dyͿ͕ ŐŽŶLJĂĐŝƚŽdžŝŶĂƐ ;'dyͿ LJ ĚĞĐĂƌďĂŵŽLJůƐĂdžŝƚŽdžŝŶĂ
ĚĞĐĂƌďĂŵŽLJůƐĂdžŝƚŽdžŝŶĂ ;ĚĐ^dyͿ͘
ĐƚƷĂŶ ĞŶ ůŽƐ ĐĂŶĂůĞƐ ĚĞ ƐŽĚŝŽ ǀŽůƚĂũĞͲĚĞƉĞŶĚŝĞŶƚĞƐ
ǀŽůƚĂũĞ ĚĞƉĞŶĚŝĞŶƚĞƐ ĚĞ ůĂƐ ĐĠůƵůĂƐ ŶĞƌǀŝŽƐĂƐ͕
ŝŵƉŝĚŝĞŶĚŽ ƐƵ ĨƵŶĐŝſŶ LJ ĐĂƵƐĂŶĚŽ ƉĂƌĄůŝƐŝƐ ;ŽĐnjĂƌ
;ŽĐ Ğƚ Ăů͘͘ ϭϵϴϴ͖ ƵƐŝĐŬ ĂŶĚ ^ĂLJůĞƌ͕
ϮϬϭϯͿ͘ ^Ƶ ŝŶŐĞƐƚŝſŶ ƉƌŽǀŽĐĂ ŝŶƚŽdžŝĐĂĐŝſŶ ƉĂƌĂůŝnjĂŶƚĞ
ƉĂƌĂůŝnjĂŶƚ ƉŽƌ ďŝǀĂůǀŽƐ ;ƉĂƌĂůLJƐŝƐ
ƉĂƌĂůLJƐŝƐ ƐŚĞůůĨŝƐŚ
ƉŽŝƐŽŶŝŶŐW^WͿ͘

&/'hZϯ͘ϯ;Ϳ
/'hZϯ͘ϯ;Ϳ^dZhdhZDK>h>Z>^y/dKy/E

>ĂƐŵŝĐƌŽĐŝƐƚŝŶĂƐƐŽŶŚĞƉƚĂƉĠƉƚŝĚŽƐ ĐşĐůŝĐŽƐƉƌŽĚƵĐŝĚŽƐƉŽƌĐŝĂŶŽďĂĐƚĞƌŝĂƐĚĞůŐĠŶĞƌŽ
>ĂƐŵŝĐƌŽĐŝƐƚŝŶĂƐƐŽŶŚĞƉƚĂƉĠƉƚŝĚŽƐĐşĐůŝĐŽƐƉƌŽĚƵĐŝĚŽƐƉŽƌĐŝĂŶŽďĂĐƚĞƌŝĂƐĚĞůŐĠŶĞƌŽ
ŶĂďĂĞŶĂ WůĂŶŬƚŽƚŚƌŝdž LJ KƐĐŝůůĂƚŽƌŝĂ͘͘ ŽŶƚŝĞŶĞŶ ƚĂŶƚŽ
DŝĐƌŽĐLJƐƚŝƐ͕ EŽƐƚŽĐ͕ ŶĂďĂĞŶĂ͕
ĂŵŝŶŽĄĐŝĚŽƐ ƉƌŽƚĞŝĐŽƐ ĐŽŵŽ ŶŽ ƉƌŽƚĞŝĐŽƐ͘ >Ă ĨſƌŵƵůĂ
ĨſƌŵƵůĂ ŐĞŶĞƌĂů ĚĞ ĞƐƚŽƐ ƉĠƉƚŝĚŽƐ ĞƐ
ĐŝĐůŽ ;ͲůĂͲyͲͲDĞƐƉͲzzͲĚĚĂͲ'ůƵͲDĚŚĂͿ͘ džŝƐƚĞŶ
Ŷ ŵĄƐ ĚĞ ϳϬ ǀĂƌŝĂŶƚĞƐ ĚĞ
ŵŝĐƌŽĐŝƐƚŝŶĂƐ ƉŽƌ ŵŽĚŝĨŝĐĂĐŝŽŶĞƐ ĞƐƚƌƵĐƚƵƌĂůĞƐ ĐŽŵŽ
ĐŽŵŽ ĞƐ ůĂ ǀĂƌŝĂĐŝſŶ ĚĞ ůŽƐ >Ͳ
>
ĂŵŝŶŽĄĐŝĚŽƐ y Ğ z͘ ĚĞŵĄƐ ŚĂLJ ŝƐŽĨŽƌŵĂƐ ŐĞŶĞƌĂĚĂƐ ƉŽƌ
ƉŽƌ ŵĞƚŝůĂĐŝſŶ͕ ŚŝĚƌŽdžŝůĂĐŝſŶ͕ LJ
ĞƉŝŵĞƌŝnjĂĐŝſŶ ;EĞŝůĂŶ Ğƚ Ăů͘
Ăů ϭϵϵϵ͖ ŝƚƚĞŶĐŽƵƌƚͲKůŝǀĞŝƌĂ Ğƚ Ăů͘ ϮϬϭϰͿ͘ hŶĂ
h ŵŝƐŵĂ ĐĞƉĂ
ƉƵĞĚĞƉƌŽĚƵĐŝƌŵĄƐĚĞƵŶĂǀĂƌŝĂŶƚĞĚĞŵŝĐƌŽĐŝƐƚŝŶĂĂůŵŝƐŵŽƚŝĞŵƉŽ͘ůɲͲĂŵŝŶŽĄĐŝĚŽ
ƉƵĞĚĞƉƌŽĚƵĐŝƌŵĄƐĚĞƵŶĂǀĂƌŝĂŶƚĞĚĞŵŝĐƌŽĐŝƐƚŝŶĂĂůŵŝƐŵŽƚŝĞŵƉŽ͘ů
ĚĚĂ ;ϯͲĂŵŝŶŽͲϵͲŵĞƚŽdžŝͲϭϬ
ϭϬͲĨĞŶŝůͲϮ͕ ϲ͕ϴͲƚƌŝŵĞƚŝůͲĚĞĐĂͲϰ͕ϲͲĄĐŝĚŽ
ĄĐŝĚŽ ĚŝĞŶŽŝĐŽͿ ĞƐ ĐŽŵƷŶ Ă

Ϯϳ

ƚŽĚĂƐ ůĂƐ ŵŝĐƌŽĐŝƐƚŝŶĂƐ͕ LJ ƚĂŵďŝĠŶ ĞƐƚĄ ƉƌĞƐĞŶƚĞ ĞŶ
ĞŶ ůĂƐ ŶŽĚƵůĂƌŝŶĂƐ͘ ^Ğ ĐŽŶƐŝĚĞƌĂ
ĐŽ Ğů
ƉƌŝŶĐŝƉĂůƌĞƐƉŽŶƐĂďůĞĚĞůĂƚŽdžŝĐŝĚĂĚĚĞĞƐƚŽƐƉĠƉƚ
ƉƌŝŶĐŝƉĂůƌĞƐƉŽŶƐĂďůĞĚĞůĂƚŽdžŝĐŝĚĂĚĚĞĞƐƚŽƐƉĠƉƚŝĚŽƐ͘

&/'hZϯ͘ϯ;Ϳ^dZh
/'hZϯ͘ϯ;Ϳ^dZhdhZDK>h>Z'EZ>>^D/ZK/^d/E^

>ĂƐŵŝĐƌŽĐŝƐƚŝŶĂƐƐŽŶƉŽƚĞŶƚĞƐŝŶŚŝďŝĚŽƌĞƐĚĞůĂƐƐĞƌşŶƚƌĞŽŶŝŶĨŽƐĨĂƚĂƐĂƐϭLJϮǐ;WWϭLJ
>ĂƐŵŝĐƌŽĐŝƐƚŝŶĂƐƐŽŶƉŽƚĞŶƚĞƐŝŶŚŝďŝĚŽƌĞƐĚĞůĂƐƐĞƌşŶƚƌĞŽŶŝŶĨŽƐĨĂƚĂƐĂƐϭLJϮǐ;WWϭLJ
WWϮͿ ;DĂĐ<ŝŶƚŽƐŚ Ğƚ Ăů͘ ϭϵϵϬͿ ŝŵƉůŝĐĂĚĂƐ
ůŝĐĂĚĂƐ ĞŶ ŵƵĐŚŽƐ ƉƌŽĐĞƐŽƐ ĐĞůƵůĂƌĞƐ ĐŽŵŽ ůĂ
ŵŝƚŽƐŝƐ͕ ůĂ ƐşŶƚĞƐŝƐ ĚĞ ƉƌŽƚĞşŶĂƐ͕ ůĂ ƐĞŹĂůŝnjĂĐŝſŶ ĐĞůƵůĂƌ͕ Ğů ƚƌĂŶƐƉŽƌƚĞ ĚĞ ĐĂůĐŝŽ͕ ůĂ
ĐŽŶƚƌĂĐĐŝſŶ ŵƵƐĐƵůĂƌ͕ ĞƚĐ͘ ;tĞƌĂ Ğƚ Ăů͘ ϭϵϵϱͿ͘ ĨĞĐƚĂŶ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ Ă ůŽƐ
ŚĞƉĂƚŽĐŝƚŽƐ͕ ƉƌŽǀŽĐĂŶĚŽ ĚĞĨŽƌŵĂĐŝſŶ ŚĞƉĄƚŝĐĂ ĐŽŶ ĐŽůĂƉƐŽ
ĐŽůĂƉƐŽ ĚĞ ůĂ ĂƌƋƵŝƚĞĐƚƵƌĂ ĚĞů
ŚşŐĂĚŽ͕ŚĞŵŽƌƌĂŐŝĂŝŶƚƌĂŚĞƉĄƚŝĐĂLJŶĞĐƌŽƐŝƐ;/ƚŽ
ŚşŐĂĚŽ͕ŚĞŵŽƌƌĂŐŝĂŝŶƚƌĂŚĞƉĄƚŝĐĂLJŶĞĐƌŽƐŝƐ;/ƚŽĞƚĂů͘ϭϵϵϳ͖sŽƌƚŽůŝĂŶĚsŽůŵĞƌ͕ϮϬϭϰͿ͘
͘ϭϵϵϳ͖sŽƌƚŽůŝĂŶĚsŽůŵĞƌ͕ϮϬϭϰͿ͘

ƌƚĞŵŝĂĨƌĂŶĐŝƐĐĂŶĂ DK>KKKW>EdKE͘
ϯ͘ϰ͘ƌƚĞŵŝĂĨƌĂŶĐŝƐĐĂŶĂ͕ KKW>EdKE͘
ů ŐĠŶĞƌŽ ƌƚĞŵŝĂ ;WŚLJůůƵŵ ƌƚƌŽƉŽĚĂ͕ ^ƵďƉŚLJůůƵŵ ƌƵƐƚĂĐĞĂ͕ ůĂƐĞ ƌĂŶĐŚŝŽƉŽĚĂ͕
ƌĂ
^ƵƉĞƌŽƌĚĞŶ^ĂƌƐŽƐƚƌĂĐĂ͕KƌĚĞŶŶŽƐƚƌĂĐĂ͕&ĂŵŝůŝĂƌƚĞŵŝŝĚĂĞͿƚŝĞŶĞŐƌĂŶŝŵƉŽƌƚĂŶĐŝĂ
^ƵƉĞƌŽƌĚĞŶ^ĂƌƐŽƐƚƌĂĐĂ͕KƌĚĞŶŶŽƐƚƌĂĐĂ͕&ĂŵŝůŝĂƌƚĞŵŝŝĚĂĞͿƚŝĞŶĞŐƌĂŶŝŵƉŽƌƚĂŶĐŝĂ
ĞĐŽŶſŵŝĐĂ ĞŶ ůĂ ŝŶĚƵƐƚƌŝĂ ĚĞ ůĂ ĂĐƵŝĐƵůƚƵƌĂ ;ŐŚ Ğƚ Ăů͘ ϮϬϬϴͿ͘ ŽŶ ƵŶĂ ĂŵƉůŝĂ
ĚŝƐƚƌŝďƵĐŝſŶ ƉŽƌ
Žƌ ƚŽĚŽ Ğů ŵƵŶĚŽ͕ LJ ŵĄƐ ĚĞ ϱϬϬ ĐŝƚĂƐ ĚŽĐƵŵĞŶƚĂĚĂƐ ;DĂŶŝĂƚƐŝ
; Ğƚ Ăů͘
ϮϬϬϵͿĞƐƵŶŽĚĞůŽƐŽƌŐĂŶŝƐŵŽƐŵĄƐĞƐƚƵĚŝĂĚŽƐ͕LJƐƵƉƌĞƐĞŶĐŝĂĞƐĐŽŶŽĐŝĚĂĚĞƐĚĞŚĂĐĞ
ϮϬϬϵͿĞƐƵŶŽĚĞůŽƐŽƌŐĂŶŝƐŵŽƐŵĄƐĞƐƚƵĚŝĂĚŽƐ͕LJƐƵƉƌĞƐĞŶĐŝĂĞƐĐŽŶŽĐŝĚĂĚĞƐĚĞŚĂĐĞ
ƚŝĞŵƉŽ ƉŽƌ ůĂ ŚƵŵĂŶŝĚĂĚ͘ ƵŶƋƵĞ ůĂ ŵĂLJŽƌşĂ ĚĞ ĂƌƚşĐƵůŽƐ
ĂƌƚşĐƵůŽƐ ĐŝĞŶƚşĨŝĐŽƐ ĂƚƌŝďƵLJĞŶ ůĂ
ůĂ
ƉƌŝŵĞƌĂĐŝƚĂĂ^ĐŚůƂƐƐĞƌĞŶϭϳϱϱ;>ŝŵŶŝŶŐƚŽŶͿ͕ŚĂLJĞǀŝĚĞŶĐŝĂƐĚĞƋƵĞLJĂĞƌ
ƌĞŶϭϳϱϱ;>ŝŵŶŝŶŐƚŽŶͿ͕ŚĂLJĞǀŝĚĞŶĐŝĂƐĚĞƋƵĞLJĂĞƌ
ƌĞŶϭϳϱϱ;>ŝŵŶŝŶŐƚŽŶͿ͕ŚĂLJĞǀŝĚĞŶĐŝĂƐĚĞƋƵĞLJĂĞƌĂĐŽŶƐƵŵŝĚĂ
ĐŽŵŽĂůŝŵĞŶƚŽƉŽƌĂůŐƵŶĂƐƚƌŝďƵƐĚĞŶĂƚŝǀŽƐĂŵĞƌŝĐĂŶŽƐ͕ĞŝŶĐůƵƐŽƵŶĂĐŝƚĂĞŶƵŶƚĞdžƚŽ
ĐŽŵŽĂůŝŵĞŶƚŽƉŽƌĂůŐƵŶĂƐƚƌŝďƵƐĚĞŶĂƚŝǀŽƐĂŵĞƌŝĐĂŶŽƐ͕ĞŝŶĐůƵƐŽƵŶĂĐŝƚĂĞŶƵŶƚĞdžƚŽ
ƉĞƌƐĂ ĚĞů ĂŹŽ ϵϴϮ ĚĞ ƵŶ ͞ŐƵƐĂŶŽ͟ ƋƵĞ ǀŝǀĞ ĞŶ ƵŶĂ ůĂŐƵŶĂ
ůĂŐƵŶĂ ƐĂůĂĚĂ͕ ƋƵĞ ŚĂ ƐŝĚŽ
ƌĞůĂĐŝŽŶĂĚŽƚĂŵďŝĠŶĐŽŶĞƐƚĞŐ
ƌĞůĂĐŝŽŶĂĚŽƚĂŵďŝĠŶĐŽŶĞƐƚĞŐĠŶĞƌŽ;ƐĞŵ͕ϮϬϬϴͿ͘

Ϯϴ

 

&/'hZϯ͘ϰ;Ϳ^YhD>K^D/K^E>DKZ&K>K'1>^>Zs^ZdD/hZEd>^WZ/DZ^ϳϮ
,KZ^WK^d>K^/ME͘

ĞŶƚƌŽ ĚĞů ŐĠŶĞƌŽ ƌƚĞŵŝĂ ƐĞ ƌĞĐŽŶŽĐĞŶ ƐĞŝƐ ĞƐƉĞĐŝĞƐ ƐĞdžƵĂůĞƐ ĚŝŽŝĐĂƐ͕ LJ ƵŶ ŐƌĂŶ
ŶƷŵĞƌŽ ĚĞ ƉŽďůĂĐŝŽŶĞƐ ƉĂƌƚĞŶŽŐĞŶĠƚŝĐĂƐ͕ ĐŽŶ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ĐŽŵƵŶĞƐ ƚĂůĞƐ ĐŽŵŽ
ĂĚĂƉƚĂďŝůŝĚĂĚĂĂŵƉůŝŽƐƌĂŶŐŽƐĚĞƐĂůŝŶŝĚĂĚ;ϱͲϮϱϬŐͬ>ͿLJƚĞŵƉĞƌĂƚƵƌĂ;ϲͲϯϱǑͿ͕ĐŝĐůŽ
ǀŝƚĂů ĐŽƌƚŽ͕ ŐƌĂŶ ĂĚĂƉƚĂĐŝſŶ Ă ĐĂŵďŝŽƐ ĂŵďŝĞŶƚĂůĞƐ͕ ĂůƚĂ ĨĞĐƵŶĚŝĚĂĚ͕ ĂůƚĞƌŶĂŶĐŝĂ ĚĞ
ƌĞƉƌŽĚƵĐĐŝſŶƉĂƌƚĞŶŽŐĞŶĠƚŝĐĂLJƐĞdžƵĂů͕ĐƵĞƌƉŽĚĞƉĞƋƵĞŹŽƚĂŵĂŹŽLJĂĚĂƉƚĂďŝůŝĚĂĚĂ
ǀĂƌŝĂƐĨƵĞŶƚĞƐĚĞŶƵƚƌŝĞŶƚĞƐ͕ƉŽƌƐƵŵĞĐĂŶŝƐŵŽĚĞĂůŝŵĞŶƚĂĐŝſŶŵĞĚŝĂŶƚĞĨŝůƚƌĂĚŽŶŽ
ƐĞůĞĐƚŝǀŽ;EƵŶĞƐĞƚĂů͘ϮϬϬϲͿ͘

Ɛ ƵŶ ŽƌŐĂŶŝƐŵŽ ƋƵĞ ƐĞ ĂĚĂƉƚĂ ŵƵLJ ďŝĞŶ Ă ĐŽŶĚŝĐŝŽŶĞƐ ĂŵďŝĞŶƚĂůĞƐ ŚŝƉĞƌƐĂůŝŶĂƐ͕
ĚſŶĚĞƐŽďƌĞǀŝǀĞLJƐĞƌĞƉƌŽĚƵĐĞĐŽŶŶŽƌŵĂůŝĚĂĚ͘ƐƚĂĂĚĂƉƚĂĐŝſŶƐĞƉƌŽĚƵĐĞŐƌĂĐŝĂƐĂ
ŵĞĐĂŶŝƐŵŽƐĂǀĂƌŝŽƐŶŝǀĞůĞƐ͕ƚĂŶƚŽŝŶĚŝǀŝĚƵĂů;ŵŽůĞĐƵůĂƌ͕ĐĞůƵůĂƌ͕ĨŝƐŝŽůſŐŝĐŽͿĐŽŵŽĚĞ
ƉŽďůĂĐŝſŶ͘ ů ŵĄƐ ŝŵƉŽƌƚĂŶƚĞ ĞƐ ƵŶ ĞĨŝĐŝĞŶƚĞ ƐŝƐƚĞŵĂ ĚĞ ŽƐŵŽƌĞŐƵůĂĐŝſŶ͕ ƋƵĞ ůĞ
ƉĞƌŵŝƚĞ ƌĞƐŝƐƚŝƌ ŚĂƐƚĂ ĚŝĞnj ǀĞĐĞƐ ůĂ ĐŽŶĐĞŶƚƌĂĐŝſŶ ĚĞ ƐĂů ŵĞĚŝĂ ĚĞů ĂŐƵĂ ŵĂƌŝŶĂ
;'ĂũĂƌĚŽ ĂŶĚ ĞĂƌĚŵŽƌĞ͕ ϮϬϭϮͿ͘ Ŷ ĐŽŶĚŝĐŝŽŶĞƐ ĂŵďŝĞŶƚĂůĞƐ ĞdžƚƌĞŵĂĚĂŵĞŶƚĞ
ĂĚǀĞƌƐĂƐ͕ ĐŽŵŽ ƉŽƌ ĞũĞŵƉůŽ ůĂ ĚĞƐĞĐĂĐŝſŶ ĚĞ ůĂŐŽƐ ĞƐƚĂĐŝŽŶĂůĞƐ ƉĞƌŽ ƚĂŵďŝĠŶ ďĂũĂƐ
ĐŽŶĐĞŶƚƌĂĐŝŽŶĞƐĚĞŽdžşŐĞŶŽ͕ĨĂůƚĂĚĞĐŽŵŝĚĂ͕ƐĂůŝŶŝĚĂĚƉŽƌĞŶĐŝŵĂŽƉŽƌĚĞďĂũŽĚĞƐƵ
ĂŵƉůŝŽŵĂƌŐĞŶĚĞƚŽůĞƌĂŶĐŝĂ͕ůĂƐĂƌƚĞŵŝĂƐƌĞƐŝƐƚĞŶĨŽƌŵĂŶĚŽƵŶĂŐĄƐƚƌƵůĂĞŵďƌŝŽŶĂƌŝĂ
ĞŶĐĂƉƐƵůĂĚĂ ĂůƚĂŵĞŶƚĞ ƌĞƐŝƐƚĞŶƚĞ͕ ĚĞŶŽŵŝŶĂĚĂ ƋƵŝƐƚĞ͕ ĐĂƉĂnj ĚĞ ĚĞƐŚŝĚƌĂƚĂƌƐĞ ƉŽƌ
ĐŽŵƉůĞƚŽLJŵĂŶƚĞŶĞƌƐĞĞŶĚŝĂƉĂƵƐĂŚĂƐƚĂƋƵĞůĂƐĐŽŶĚŝĐŝŽŶĞƐĂŵďŝĞŶƚĂůĞƐǀƵĞůǀĂŶĂ

Ϯϵ

ƐĞƌĨĂǀŽƌĂďůĞƐ͘ƐƚĂĂĚĂƉƚĂĐŝſŶĨŝƐŝŽůſŐŝĐĂ͕ŐŽďĞƌŶĂĚĂƉŽƌϯϮϰŐĞŶĞƐĐŽĚŝĨŝĐĂĚŽƌĞƐĚĞ
ƉƌŽƚĞşŶĂƐƉĂƌĂůĂĚŝĂƉĂƵƐĂLJƐƵƌĞĐƵƉĞƌĂĐŝſŶƉŽƐƚĞƌŝŽƌ;ŚĞŶ͕ϮϬϬϵͿ͕ĞƐƉŽƐŝďůĞŐƌĂĐŝĂƐ
Ă ůĂ ĐĂƉĂĐŝĚĂĚ ĚĞƐĂƌƌŽůůĂĚĂ ƉŽƌ ůĂƐ ŚĞŵďƌĂƐ ƉĂƌĂ ͞ƉĞƌĐŝďŝƌ͟ ůĂ ĂƉƌŽdžŝŵĂĐŝſŶ ĚĞ
ĐĂŵďŝŽƐ ŵĞĚŝŽĂŵďŝĞŶƚĂůĞƐ ĚĞƐĨĂǀŽƌĂďůĞƐ LJ ĐĂŵďŝĂƌ ƐƵ ŵŽĚŽ ĚĞ ƌĞƉƌŽĚƵĐĐŝſŶ ĚĞ
ŽǀŽǀŝǀşƉĂƌŽ;ƉƌŽĚƵĐĐŝſŶĚĞŶĂƵƉůŝŽƐůŝďƌĞƐƋƵĞĞdžƉĂŶĚĞŶƌĄƉŝĚĂŵĞŶƚĞůĂƉŽďůĂĐŝſŶĞŶ
ĐŽŶĚŝĐŝŽŶĞƐĂĚĞĐƵĂĚĂƐͿĂŽǀşƉĂƌŽ;ƉƌŽĚƵĐĐŝſŶĚĞƋƵŝƐƚĞƐƋƵĞĂĐƚƷĂŶĐŽŵŽďĂŶĐŽƐĚĞ
ŐĞŶĞƐ ĞŶ ĐŽŶĚŝĐŝŽŶĞƐ ĂĚǀĞƌƐĂƐͿ͘ ůĞŐŐ LJ dƌŽƚŵĂŶŶ ;ϮϬϬϮͿ ĐŽŶƐŝĚĞƌĂŶ Ă ĞƐƚŽƐ ƋƵŝƐƚĞƐ
͞ĞůĞƐƚĂĚŽŵĄƐƌĞƐŝƐƚĞŶƚĞĂůĞƐƚƌĠƐĂŵďŝĞŶƚĂůĚĞƚŽĚĂůĂŚŝƐƚŽƌŝĂĚĞůĂǀŝĚĂĂŶŝŵĂů͟LJĂ
ůĂƐĨĂƐĞƐŵſǀŝůĞƐ;ŶĂƵƉůŝŽƐLJĂĚƵůƚŽƐͿ͞ůŽƐŽƐŵŽƌĞŐƵůĂĚŽƌĞƐŵĄƐĞĨŝĐŝĞŶƚĞƐĚĞƚŽĚŽĞů
ƌĞŝŶŽĂŶŝŵĂů͘͟

>ĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ ŝŶƚƌşŶƐĞĐĂƐ ĚĞ ĞƐƚĞ ŐĠŶĞƌŽ ůĞ ŚĂĐĞŶ ĂĚĞĐƵĂĚŽ ƉĂƌĂ ƐƵ ƵƐŽ ĞŶ
ƚŽdžŝĐŽůŽŐşĂ ĂŵďŝĞŶƚĂů͕ ŐĂƌĂŶƚŝnjĂŶĚŽ ůĂ ĨŝĂďŝůŝĚĂĚ͕ ůĂ ǀŝĂďŝůŝĚĂĚ LJ ůĂ ƌĞůĂĐŝſŶ ĐŽƐƚĞͲ
ĞĨŝĐŝĞŶĐŝĂ ĚĞ ůŽƐ ĞŶƐĂLJŽƐ͘ WĞƌƐŽŽŶĞ LJ tĞůůƐ ĞŶ ƉƌŝŶĐŝƉŝŽ ;ϭϵϴϳͿ ƉƌĞƐĞŶƚĂƌŽŶ ĂůŐƵŶĂƐ
ŽďũĞĐŝŽŶĞƐ Ă ƐƵ ƵƐŽ ĐŽŵŽ ŵŽĚĞůŽ͕ ĐŽŵŽ ůĂ ĂƵƐĞŶĐŝĂ ĚĞ ƌƚĞŵŝĂ ĚĞ ůĂ ŵĂLJŽƌşĂ ĚĞ
ĞĐŽƐŝƐƚĞŵĂƐ ŵĂƌŝŶŽƐ͕ ůĂ ƉƌĞƐƵƉƵĞƐƚĂ ĨĂůƚĂ ĚĞ ƐĞŶƐŝďŝůŝĚĂĚ Ă ŵƵĐŚĂƐ ƐƵƐƚĂŶĐŝĂƐ
ƋƵşŵŝĐĂƐďĂƐĂĚĂĞŶ ƐƵ ƌĞƐŝƐƚĞŶĐŝĂ ŝŶŶĂƚĂ Ă ůĂƐ ĐŽŶĚŝĐŝŽŶĞƐĚĞ ƐĂůŝŶŝĚĂĚĞdžƚƌĞŵĂ͕ LJ Ăů
ĨƌĂĐĂƐŽ ĚĞ ĂůŐƵŶŽƐ ĞƐƚƵĚŝŽƐ ƋƵĞ ƵƚŝůŝnjĂďĂŶ ĞƐƚĞ ŽƌŐĂŶŝƐŵŽ͕ ƉĞƌŽ ƐŝŶ ĞŵďĂƌŐŽ ĞůůŽƐ
ŵŝƐŵŽƐ ĚĞƐĂƌƌŽůůĂƌŽŶ Ğů ŵŽĚĞůŽ ƋƵĞ ƐĞ ƵƚŝůŝnjĂ ŚŽLJ ĞŶ ̺à ĞŶ ĞĐŽƚŽdžŝĐŽůŽŐşĂ
;ĐŽŶĚŝĐŝŽŶĞƐ ĚĞů ĞŶƐĂLJŽ͕ ĞƐƉĞĐŝĞƐ͕ ĞƚĐͿ ĐŽŵƉƌŽďĂŶĚŽ ƋƵĞ ĞŶ ůĂ ƉƌĄĐƚŝĐĂ ĞƐƚĂƐ
ĐŽŶĚŝĐŝŽŶĞƐĚĞƐĨĂǀŽƌĂďůĞƐŶŽƐĞĐƵŵƉůşĂŶ͘^ŽŶŵĂLJŽƌşĂůĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐƋƵĞĂƉƵŶƚĂŶ
Ă ƐƵ ŝĚŽŶĞŝĚĂĚ͕ ĐŽŵŽ ƐƵ ĂŵƉůŝĂ ĚŝƐƚƌŝďƵĐŝſŶ ŐĞŽŐƌĄĨŝĐĂ ĞŶ njŽŶĂƐ ĐŽƐƚĞƌĂƐ͕ ƐƵ
ƌĞůĂƚŝǀĂŵĞŶƚĞ ĨĄĐŝů ĐƵůƚŝǀŽ LJ ŵĂŶƚĞŶŝŵŝĞŶƚŽ ĞŶ Ğů ůĂďŽƌĂƚŽƌŝŽ͕ ƐƵ ƌĞƐŝƐƚĞŶĐŝĂ Ă ůĂ
ŵĂŶŝƉƵůĂĐŝſŶ͕ ƐƵ ĐŝĐůŽ ĚĞ ǀŝĚĂ ĐŽƌƚŽ͕ ƐƵ ŐƌĂŶ ĨĞĐƵŶĚŝĚĂĚ LJ ůĂ ŐƌĂŶ ĐĂŶƚŝĚĂĚ ĚĞ
ŝŶĨŽƌŵĂĐŝſŶ ĚŝƐƉŽŶŝďůĞ ƐŽďƌĞ ĂůŐƵŶĂ ĚĞ ƐƵƐ ĞƐƉĞĐŝĞƐ ;EƵŶĞƐ͕ ϮϬϬϲͿ ĚĞŵĄƐ͕ ƐƵ
ƉĞƋƵĞŹŽƚĂŵĂŹŽƉĞƌŵŝƚĞƵŶĂƌĞĚƵĐĐŝſŶĞŶĞůǀŽůƵŵĞŶĚĞůŽƐƚĞƐƚ͕ŵĞŶŽƌƉƌŽĚƵĐĐŝſŶ
ĚĞƌĞƐŝĚƵŽƐ͕LJĞƐƉĂĐŝŽŶĞĐĞƐĂƌŝŽƉĂƌĂƐƵŵĂŶƚĞŶŝŵŝĞŶƚŽ;ůĂŝƐĞ͕ϭϵϵϴͿ͘

Ŷ ůŽƐƷůƚŝŵŽƐ ĂŹŽƐ ƐĞŚĂŶ ƌĞĂůŝnjĂĚŽ ŵƵĐŚŽƐ ŝŶƚĞŶƚŽƐ ƉĂƌĂ ĞƐƚĂŶĚĂƌŝnjĂƌůĂ ƵƚŝůŝnjĂĐŝſŶ
ĚĞ ŽƌŐĂŶŝƐŵŽƐ ƌĞƉƌĞƐĞŶƚĂƚŝǀŽƐ ĞŶ ĞŶƐĂLJŽƐ ŵƵůƚŝĞƐƉĞĐşĨŝĐŽƐ LJ ƋƵĞ ĞŶŐůŽďĞŶ Ă
ĚŝĨĞƌĞŶƚĞƐ ŶŝǀĞůĞƐ ƚƌſĨŝĐŽƐ͘ hŶ ƉƌŽĐĞĚŝŵŝĞŶƚŽ ĞƐƚĂŶĚĂƌŝnjĂĚŽ ŝŵƉůŝĐĂ Ğů ĐƵůƚŝǀŽ ĚĞ ůŽƐ
ĂŶŝŵĂůĞƐ LJ Ğů ŵĂŶƚĞŶŝŵŝĞŶƚŽĚĞůŽƐĨĂĐƚŽƌĞƐ ĂďŝſƚŝĐŽƐ ĂŵďŝĞŶƚĂůĞƐƉĂƌĂŐĂƌĂŶƚŝnjĂƌ ůĂ

ϯϬ

ƌĞƉƌŽĚƵĐƚŝďŝůŝĚĂĚ ĚĞ ůŽƐ ƌĞƐƵůƚĂĚŽƐ͘ >Ă ĞůĞĐĐŝſŶ ĚĞ ƵŶ ĂĚĞĐƵĂĚŽ ŵŽĚĞůŽ ĂŶŝŵĂů
ĐŽŵƉƌĞŶĚĞ ĂƐƉĞĐƚŽƐ ĐŽŵŽ ůĂ ďŝŽůŽŐşĂ͕ ĐŝĐůŽ ĚĞ ǀŝĚĂ͕ ĂĚĂƉƚĂĐŝſŶ Ă ůĂƐ ĐŽŶĚŝĐŝŽŶĞƐ ĚĞ
ůĂďŽƌĂƚŽƌŝŽ͕ ƌĞůĞǀĂŶĐŝĂ ĞĐŽůſŐŝĐĂ͕ ƵƐŽ ƐŝƐƚĞŵĄƚŝĐŽ LJ ĐƵĞƐƚŝŽŶĞƐ ƉƌĄĐƚŝĐĂƐ ĚĞ
ŵĂŶƚĞŶŝŵŝĞŶƚŽĚĞƐƵƐĐƵůƚŝǀŽƐ͘

ƌƚĞŵŝĂ ƌĞƐƉŽŶĚĞ ĨĂǀŽƌĂďůĞŵĞŶƚĞ Ă ŵƵĐŚĂƐ ĚĞ ĞƐƚĂƐ ĐƵĞƐƚŝŽŶĞƐ͕ ƉĞƌŵŝƚŝĞŶĚŽ Ğů

ĚĞƐĂƌƌŽůůŽ ĚĞ ĞŶƐĂLJŽƐ ƋƵĞ ůĂ ƵƚŝůŝĐĞŶ ĐŽŵŽ ŵŽĚĞůŽ͖ Ɛŝ ďŝĞŶ ĞƐ ŶĞĐĞƐĂƌŝŽ ĞƐƚƵĚŝĂƌ ĞŶ
ƉƌŽĨƵŶĚŝĚĂĚůĂƐĚŝĨĞƌĞŶĐŝĂƐĞŶĨƵŶĐŝſŶĚĞůĂĞƐƉĞĐŝĞLJƐŽďƌĞƚŽĚŽĞůŽƌŝŐĞŶŐĞŽŐƌĄĨŝĐŽ
ĚĞ ůĂ ĐĞƉĂ͕ ƉŽƌ ůŽ ƋƵĞ ƉĂƌĂ ŵĞũŽƌĂƌ ůĂ ƌĞƉƌŽĚƵĐƚŝďŝůŝĚĂĚ ĚĞ ůŽƐ ƌĞƐƵůƚĂĚŽƐ ĞƐ
ŝŵƉŽƌƚĂŶƚĞŐĂƌĂŶƚŝnjĂƌƋƵĞůŽƐƋƵŝƐƚĞƐƉƌŽĐĞĚĞŶĚĞůŵŝƐŵŽŽƌŝŐĞŶ͘

&/'hZϯ͘ϰ;ͿEhW>/KzDdEhW>/KZdD/

ŶĐƵĂŶƚŽĂůĂĞůĞĐĐŝſŶĚĞůĐƌŝƚĞƌŝŽĚĞǀĂůŽƌĂĐŝſŶ;ĞŶĚƉŽŝŶƚͿĞŶůŽƐĞŶƐĂLJŽƐ͕ĞƐĐŽŵƷŶ
ƵƚŝůŝnjĂƌ ůĂ ŵŽƌƚĂůŝĚĂĚ ĚĞ ŶĂƵƉůŝŽƐ ƌĞĐŝĠŶ ĞĐůŽƐŝŽŶĂĚŽƐ ;Ϯϰ ŚŽƌĂƐͿ͕ ĂƵŶƋƵĞ ĞdžŝƐƚĞŶ
ĚŝĨĞƌĞŶƚĞƐ ĞƐƚƵĚŝŽƐ ƋƵĞ ŚĂŶ ƚĞƐƚĂĚŽ ůĂ ĨŝĂďŝůŝĚĂĚ ĚĞ ŽƚƌŽƐ ĞƐƚĂĚşŽƐ͘ WŽƌ ĞũĞŵƉůŽ͕
ĂƌĂŚŽŶĂ LJ ^ĄŶĐŚĞnjͲ&ŽƌƚƷŶ ;ϭϵϵϲͿ ŵĞŶĐŝŽŶĂŶ ƵŶ ƉƵŶƚŽ ĐƌşƚŝĐŽ Ă ůĂƐ ϰϴ ŚŽƌĂƐ ƉŽƐƚͲ
ĞĐůŽƐŝŽŶ ƋƵĞ ƐĞ ƚƌĂĚƵĐĞ ĞŶ ƵŶĂ ŵĂLJŽƌ ƐĞŶƐŝďŝůŝĚĂĚ ƌĞůĂƚŝǀĂ Ă ůĂ ŵĂLJŽƌşĂ ĚĞ ůŽƐ
ĐŽŵƉƵĞƐƚŽƐ ĞƐƚƵĚŝĂĚŽƐ͘ dĂŵďŝĠŶ ŽƚƌŽƐ ĞƐƚƵĚŝŽƐ ŵŝĚĞŶ ůĂ ǀŝĂďŝůŝĚĂĚ ;ƉŽƌĐĞŶƚĂũĞ ĚĞ
ĞĐůŽƐŝſŶͿĚĞƋƵŝƐƚĞƐĞdžƉƵĞƐƚŽƐ;ĂƌďĂůůŽĞƚĂů͘ϮϬϬϮͿĞŶĐŽŶƚƌĂŶĚŽĐŽŶĐŽƌĚĂŶĐŝĂĞŶůŽƐ
ƌĞƐƵůƚĂĚŽƐ͕ ƉŽƌ ůŽ ƋƵĞ ůŽƐ ĚŽƐ ĐƌŝƚĞƌŝŽƐ ;ƉŽƌĐĞŶƚĂũĞ ĚĞ ĞĐůŽƐŝſŶ LJ ŵŽƌƚĂůŝĚĂĚ ĚĞ
ŶĂƵƉůŝŽƐͿ ƉƵĞĚĞŶ ƐĞƌ ƵƚŝůŝnjĂĚŽƐ ĚĞ ĨŽƌŵĂ ĐŽŵƉůĞŵĞŶƚĂƌŝĂ͘ Ŷ Ğů ƉƌĞƐĞŶƚĞ ƚƌĂďĂũŽ͕ ůĂ
ĞdžƉŽƐŝĐŝſŶĂůƚſdžŝĐŽĚĞůŵŽĚĞůŽƐĞƉƌŽĚƵĐĞĞŶŐƌĂŶŵĞĚŝĚĂƉŽƌŝŶŐĞƐƚŝſŶĚĞůĂƐĐĠůƵůĂƐ
ƉŽƌƚĂĚŽƌĂƐĚĞƚŽdžŝŶĂƐĚƵƌĂŶƚĞůĂĂůŝŵĞŶƚĂĐŝſŶ͕ƉŽƌůŽƋƵĞŶŽƚŝĞŶĞƐĞŶƚŝĚŽĞůĞŶƐĂLJŽ
ĚĞĞdžƉŽƐŝĐŝſŶĚĞĨĂƐĞƐŝŶĞƌƚĞƐƋƵĞĂƷŶŶŽƐĞĂůŝŵĞŶƚĂŶ͘

ϯϭ

KƚƌŽ ĨĂĐƚŽƌ Ă ĐŽŶƐŝĚĞƌĂƌ ĞƐ ůĂ ŝŵƉŽƌƚĂŶĐŝĂ ĚĞ ƌƚĞŵŝĂ ĐŽŵŽ ǀĞĐƚŽƌ ƉŽƚĞŶĐŝĂů ĚĞ
ďŝŽĂĐƵŵƵůĂĐŝſŶ ĚĞ ĐŽŶƚĂŵŝŶĂŶƚĞƐ ĂŵďŝĞŶƚĂůĞƐ Ă ĐĂƵƐĂ ĚĞ ƐƵ ƉŽƐŝĐŝſŶ ĞŶ ůĂƐ ƌĞĚĞƐ
ƚƌſĨŝĐĂƐ ĐŽŵŽ ĐŽŶƐƵŵŝĚŽƌ ƉƌŝŵĂƌŝŽ͘ Ŷ ƵŶ ĞƐƚƵĚŝŽ ƐŽďƌĞ ĐŚůŽƌƉŝƌŝĨŽƐ ;ƵŶ ƉĞƐƚŝĐŝĚĂ
ĞŵƉůĞĂĚŽ ĞŶ ƉƌŽĐĞĚŝŵŝĞŶƚŽƐ ĂŐƌşĐŽůĂƐͿ ƐĞ ĞŶĐŽŶƚƌſ Ă ƌƚĞŵŝĂ ƌĞƐƉŽŶƐĂďůĞ ĚĞů
ĨĞŶſŵĞŶŽ ĚĞ ďŝŽŵĂŐŶŝĨŝĐĂĐŝſŶ ƋƵĞ ƉƌŽĚƵũŽ ǀĂůŽƌĞƐ ŵĄƐ ĞůĞǀĂĚŽƐ ĚĞ ůŽ ĞƐƉĞƌĂĚŽ ĞŶ
ĚŽƐĞƐƉĞĐŝĞƐĚĞƉĞĐĞƐ;'ĂŵďƵƐŝĂĂĨĨŝŶŝƐLJƉŚĂŶŝƵƐ/ďĞƌƵƐͿƋƵĞƐĞĂůŝŵĞŶƚĂƌŽŶĚĞĞůůĂƐ
;sĂƌſ Ğƚ Ăů͘ ϮϬϬϬͿ͘ ^ŝŶ ĞŵďĂƌŐŽ͕ ŽƚƌŽ ĞƐƚƵĚŝŽ ƐŽďƌĞ ŵĞƚĂůĞƐ ƉĞƐĂĚŽƐ ;WĞƚƌƵĐĐŝ Ğƚ Ăů͘
ϭϵϵϱͿŶŽŽďƐĞƌǀſďŝŽĂĐƵŵƵůĂĐŝſŶĞŶƉĞĐĞƐƋƵĞƐĞĂůŝŵĞŶƚĂďĂŶĚĞƌƚĞŵŝĂ͘WŽƌĞƐƚĞ
ŵŽƚŝǀŽ͕ LJĂ ƋƵĞ ůĂ ďŝŽĂĐƵŵƵůĂĐŝſŶ ĞƐƚĄ ĨƵĞƌƚĞŵĞŶƚĞ ŝŶĨůƵĞŶĐŝĂĚĂ ƉŽƌ ŵĞĐĂŶŝƐŵŽƐ
ƚſdžŝĐŽͲĞƐƉĞĐşĨŝĐŽƐĞƐŶĞĐĞƐĂƌŝŽƵŶŶƷŵĞƌŽŵĂLJŽƌĚĞĞƐƚƵĚŝŽƐƋƵĞĐůĂƌŝĨŝƋƵĞŶĞůƌŽůĚĞ
ĞƐƚĞŝŶǀĞƌƚĞďƌĂĚŽĐŽŵŽǀĞĐƚŽƌĚĞďŝŽĂĐƵŵƵůĂĐŝſŶLJďŝŽŵĂŐŶŝĨŝĐĂĐŝſŶ͘

WŽƌƷůƚŝŵŽ͕ĞƐŝŵƉŽƌƚĂŶƚĞĚĞƐƚĂĐĂƌƋƵĞLJĂƐĞŚĂŶƌĞĂůŝnjĂĚŽĞŶƐĂLJŽƐĐŽŶƌƚĞŵŝĂƉĂƌĂ
ůĂƐƚŽdžŝŶĂƐĞƐƚƵĚŝĂĚĂƐĞŶůŽƐŽďũĞƚŝǀŽƐĚĞĞƐƚĞƚƌĂďĂũŽ͕ĐŽŵŽƉŽƌĞũĞŵƉůŽĞĂƚƚŝĞĞƚĂů͘
;ϮϬϬϯͿĞŶĐŝĂŶŽďĂĐƚĞƌŝĂƐ͕ƋƵĞƉƵƐŽĚĞŵĂŶŝĨŝĞƐƚŽůĂĚĞƚŽdžŝĨŝĐĂĐŝſŶĚĞŵŝĐƌŽĐŝƐƚŝŶĂƐǀşĂ
ĐŽŶũƵŐĂĐŝſŶ ĐŽŶ ŐůƵƚĂƚŝſŶ ƐͲƚƌĂŶƐĨĞƌĂƐĂ ;'^dͿ ĞŶ ĨĂƐĞƐ ĂĚƵůƚĂƐ ĚĞ ƌƚĞŵŝĂ͕ Ž EŝƉƉĞƌ
;ϮϬϬϬͿ ƋƵĞ ŽďƚƵǀŽ ƵŶĂ ďƵĞŶĂ ƌĞƐƉƵĞƐƚĂ ĞŶ ĞŶƐĂLJŽƐ ĚĞ ƚŽdžŝĐŝĚĂĚ ĂŐƵĚĂ ƉĂƌĂ
ĐŽŶƚĂŵŝŶĂŶƚĞƐƉƌĞƐĞŶƚĞƐĞŶĞĐŽƐŝƐƚĞŵĂƐĐŽƐƚĞƌŽƐLJĚĞĞƐƚƵĂƌŝŽ͘

ϯ͘ϱ͘>K^^dhZ/K^͗hE^/^dDKDW>:Kz/ED/K͘
ĂŵĞƌŽŶLJWƌŝƚĐŚĂƌĚ;ϭϵϲϯͿĚĞĨŝŶĞŶƵŶĞƐƚƵĂƌŝŽĐŽŵŽƵŶĐƵĞƌƉŽĚĞĂŐƵĂƐĞŵŝĐĞƌƌĂĚŽ
ĐŽŶĞĐƚĂĚŽĐŽŶŵĂƌĂďŝĞƌƚŽ͕ĞŶĚŽŶĚĞĞůĂŐƵĂĚĞŵĂƌƐĞŚĂůůĂŵĞnjĐůĂĚĂĐŽŶĂŐƵĂĚƵůĐĞ
ƉƌŽĐĞĚĞŶƚĞ ĚĞů ĚƌĞŶĂũĞ ƚĞƌƌĞƐƚƌĞ͘ >ŽƐ ĞƐƚƵĂƌŝŽƐ ƉƵĞĚĞŶ ĐůĂƐŝĨŝĐĂƌƐĞ ĞŶ ďĂƐĞ Ă ƐƵ
ďĂůĂŶĐĞĚĞĞŶƚƌĂĚĂƐĚĞĂŐƵĂĞŶƉŽƐŝƚŝǀŽƐ͕ŝŶǀĞƌƐŽƐLJĚĞďĂũĂĂĨůƵĞŶĐŝĂ͗

>ŽƐĞƐƚƵĂƌŝŽƐƉŽƐŝƚŝǀŽƐƐŽŶĂƋƵĞůůŽƐĚſŶĚĞůĂƐĞŶƚƌĂĚĂƐĚĞĂŐƵĂĚƵůĐĞƉƌŽĐĞĚĞŶƚĞƐĚĞ
ůĂĚĞƐĐĂƌŐĂĨůƵǀŝĂů͕ƉƌĞĐŝƉŝƚĂĐŝŽŶĞƐLJĚĞƐŚŝĞůŽ͕ĞdžĐĞĚĞŶĂůĂƐƉĠƌĚŝĚĂƐƉŽƌĞǀĂƉŽƌĂĐŝſŶ
Ž ĐŽŶŐĞůĂĐŝſŶ͕ ĞƐƚĂďůĞĐŝĞŶĚŽ ƵŶ ŐƌĂĚŝĞŶƚĞ ůŽŶŐŝƚƵĚŝŶĂů ĚĞ ĚĞŶƐŝĚĂĚ ƋƵĞ ĐŽŶĚƵĐĞ ƵŶ
ǀŽůƵŵĞŶŶĞƚŽĚĞĨůƵũŽĚĞĂŐƵĂŚĂĐŝĂĞůŽĐĠĂŶŽ͘

ŶůŽƐĞƐƚƵĂƌŝŽƐŝŶǀĞƌƐŽƐ͕ůĂƐƉĠƌĚŝĚĂƐĚĞĂŐƵĂĚƵůĐĞƐŽŶŵĂLJŽƌĞƐƋƵĞůĂƐĞŶƚƌĂĚĂƐ͕ĚĞ
ĨŽƌŵĂ ƋƵĞ ůĂ ĚĞƐĐĂƌŐĂ ĨůƵǀŝĂů ŶŽ ĞdžŝƐƚĞ ;Ž ĞƐ ŵƵLJ ĞƐĐĂƐĂͿ͘ ^Ğ ůůĂŵĂŶ ŝŶǀĞƌƐŽƐ Ž

ϯϮ

ŶĞŐĂƚŝǀŽƐ ƉŽƌƋƵĞ ƐƵ ŐƌĂĚŝĞŶƚĞ ĚĞ ĚĞŶƐŝĚĂĚ ĞƐ ĚĞ ƐŝŐŶŽ
ƐŝŐŶŽ ĐŽŶƚƌĂƌŝŽ Ăů ƉƌĞƐĞŶƚĞ ĞŶ ůŽƐ
ƉŽƐŝƚŝǀŽƐ ;ůĂ ĚĞŶƐŝĚĂĚ ĚĞů ĂŐƵĂ ĂƵŵĞŶƚĂ ŚĂĐŝĂ ůĂ njŽŶĂ
njŽŶĂ ĂůƚĂͿ͘ ĞďŝĚŽ Ă ƋƵĞ ĞŶ ĞƐƚĂƐ
ĐŝƌĐƵŶƐƚĂŶĐŝĂƐůĂĚĞƐĐĂƌŐĂĚĞĂŐƵĂĞƐŵƵĐŚŽŵĄƐůĞŶƚĂƋƵĞĞŶůŽƐƉŽƐŝƚŝǀŽƐ͕
ŐĂĚĞĂŐƵĂĞƐŵƵĐŚŽŵĄƐůĞŶƚĂƋƵĞĞŶůŽƐƉŽƐŝƚŝǀŽƐ͕
ŐĂĚĞĂŐƵĂĞƐŵƵĐŚŽŵĄƐůĞŶƚĂƋƵĞĞŶůŽƐƉŽƐŝƚŝǀŽƐ͕ƐŽŶnjŽŶĂƐ
ŵĄƐƉƌŽĐůŝǀĞƐĂƚĞŶĞƌƉƌŽďůĞŵĂƐĞŶůĂĐĂůŝĚĂĚĚĞůĂ
ŵĄƐƉƌŽĐůŝǀĞƐĂƚĞŶĞƌƉƌŽďůĞŵĂƐĞŶůĂĐĂůŝĚĂĚĚĞůĂŐƵĂ͘

>ŽƐĞƐƚƵĂƌŝŽƐĚĞďĂũĂĂĨůƵĞŶĐŝĂĂƉĂƌĞĐĞŶĞŶnjŽŶĂƐĐŽŶƚĂƐĂƐĚĞĞǀĂƉŽƌĂĐŝſŶŵƵLJĂůƚĂƐ
>ŽƐĞƐƚƵĂƌŝŽƐĚĞďĂũĂĂĨůƵĞŶĐŝĂĂƉĂƌĞĐĞŶĞŶnjŽŶĂƐĐŽŶƚĂƐĂƐĚĞĞǀĂƉŽƌĂĐŝſŶŵƵLJĂůƚĂƐ
LJĐŽŶŵƵLJƉŽĐĂĚĞƐĐĂƌŐĂĨůƵǀŝĂů͕ƋƵĞĞŶƚĞŵƉŽƌĂĚĂƐ ĞĐĂƐLJĐĄůŝĚĂƐĂůĐĂŶnjĂŶŵĄdžŝŵŽƐ
LJĐŽŶŵƵLJƉŽĐĂĚĞƐĐĂƌŐĂĨůƵǀŝĂů͕ƋƵĞĞŶƚĞŵƉŽƌĂĚĂƐƐĞĐĂƐLJĐĄůŝĚĂƐĂůĐĂŶnjĂŶŵĄdžŝŵŽƐ
ĚĞƐĂůŝŶŝĚĂĚ;ĚĞŶŽŵŝŶĂĚŽƐ͞ƚĂƉŽŶĞƐƐĂůŝŶŽƐ͟Ϳ͘ŶůĂnjŽŶĂĂůƚĂ͕ůĂĚĞŶƐŝĚĂĚĚĞůĂŐƵĂĞƐ
ĚĞƐĂůŝŶŝĚĂĚ;ĚĞŶŽŵŝŶĂĚŽƐ͞ƚĂƉŽŶĞƐƐĂůŝŶŽƐ͟Ϳ͘ŶůĂnjŽŶĂĂůƚĂ͕ůĂĚĞŶƐŝĚĂĚĚĞůĂŐƵĂĞƐ
ŵĄƐďĂũĂƋƵĞĞŶĞůƚĂƉſŶ͕ĐŽŵŽĞŶƵŶĞƐƚƵĂƌŝŽƉŽƐŝƚŝǀŽ͕LJĞŶůĂnjŽŶĂďĂũĂ͕ůĂĚĞŶƐŝĚĂĚ
ŵĄƐďĂũĂƋƵĞĞŶĞůƚĂƉſŶ͕ĐŽŵŽĞŶƵŶĞƐƚƵĂƌŝŽƉŽƐŝƚŝǀŽ͕LJĞŶůĂnjŽŶĂďĂũĂ͕ůĂĚĞŶƐŝĚĂĚ
ƚĂŵďŝĠŶ ĞƐ ŵĄƐ ďĂũĂ ƋƵĞ ĞŶ Ğů ƚĂƉſŶ͕ ĐŽŵŽ ĞŶ ƵŶ ĞƐƚƵĂƌŝŽ
ĞƐƚƵĂƌŝŽ ŝŶǀĞƌƐŽ͕ ĂĐƚƵĂŶĚŽ ĐŽŵŽ
ƵŶĂďĂƌƌĞƌĂƋƵĞŝŵƉŝĚĞůĂĚĞƐĐĂƌŐĂĚĞĂŐƵĂĨůƵǀŝĂůLJůĂĞŶƚƌĂĚĂĚĞĂŐƵĂŵĂƌŝŶĂ͘
ƵŶĂďĂƌƌĞƌĂƋƵĞŝŵƉŝĚĞůĂĚĞƐĐĂƌŐĂĚĞĂŐƵĂĨůƵǀŝĂůLJůĂĞŶƚƌĂĚĂĚĞĂŐƵĂŵĂƌŝŶĂ͘

&/'hZϯ͘ϱ;ͿK^/^dD^dhZ/K

ƚĞŶĚŝĞŶĚŽ Ă ůĂ ĞƐƚƌĂƚŝĨŝĐĂĐŝſŶ ĚĞ ůĂ ĐŽůƵŵŶĂ ĚĞ ĂŐƵĂ͕

ĂŐƵĂ͕ Ž ĞƐƚƌƵĐƚƵƌĂ ĚĞ ƐĂůŝŶŝĚĂĚ
ǀĞƌƚŝĐĂů͕ ůŽƐ ĞƐƚƵĂƌŝŽƐ ƉƵĞĚĞŶ
ƵĞĚĞŶ ĐůĂƐŝĨŝĐĂƌƐĞ ĞŶ ƉůƵŵĂ Ž ĐƵŹĂ ĚĞ ŝŶƚƌƵƐŝſŶ ƐĂůŝŶĂ͕
ƐĂů ŵƵLJ
ĞƐƚƌĂƚŝĨŝĐĂĚŽƐ͕ƉŽĐŽĞƐƚƌĂƚŝĨŝĐĂĚŽƐLJŵĞnjĐůĂĚŽƐǀĞƌƚŝĐĂůŵĞŶƚĞ;ĂŵĞƌŽŶĂŶĚWƌŝƚĐŚĂƌĚ͕
ĞƐƚƌĂƚŝĨŝĐĂĚŽƐ͕ƉŽĐŽĞƐƚƌĂƚŝĨŝĐĂĚŽƐLJŵĞnjĐůĂĚŽƐǀĞƌƚŝĐĂůŵĞŶƚĞ;ĂŵĞƌŽŶĂŶĚWƌŝƚĐŚĂƌĚ͕
ϭϵϲϯͿ͘ ƐƚĂ ĐůĂƐŝĨŝĐĂĐŝſŶ ĐŽŶƐŝĚĞƌĂ Ğů ĂŶƚĂŐŽŶŝƐŵŽ ƋƵĞ ƐĞ ĞƐƚĂďůĞĐĞ ĞŶƚƌĞ ůĂ
ĨůŽƚĂďŝůŝĚĂĚĚĞůĂŐƵĂĨůƵǀŝĂů;ƉŽƌƚĞŶĞƌƵŶĂŵĞŶŽƌĚĞŶƐŝĚĂĚͿLJůĂŵĞnjĐůĂƉŽƌĞĨĞĐƚŽĚĞ
ĨůŽƚĂďŝůŝĚĂĚĚĞůĂŐƵĂĨůƵǀŝĂů;ƉŽƌƚĞŶĞƌƵŶĂŵĞŶŽƌĚĞŶƐŝĚĂĚͿLJůĂŵĞnjĐůĂƉŽƌĞĨĞĐƚŽ
ůĂƐŵĂƌĞĂƐ͘ƐƚĂƷůƚŝŵĂĨƵĞƌnjĂĞƐƉƌŽƉŽƌĐŝŽŶĂůĂůǀŽůƵŵĞŶĚĞĂŐƵĂƐĂůĂĚĂƋƵĞĞŶƚƌĂĞŶ
ůĂƐŵĂƌĞĂƐ͘ƐƚĂƷůƚŝŵĂĨƵĞƌnjĂĞƐƉƌŽƉŽƌĐŝŽŶĂůĂůǀŽůƵŵĞŶĚĞĂŐƵĂƐĂůĂĚĂƋƵĞĞŶƚƌĂĞŶ
ĞůĞƐƚƵĂƌŝŽĞŶĐĂĚĂĐŝĐůŽĚĞŵĂƌĞĂƐ͘
ĞůĞƐƚƵĂƌŝŽĞŶĐĂĚĂĐŝĐůŽĚĞŵĂƌĞĂƐ͘

ϯϯ

ƵĂŶĚŽ Ğů ƌşŽ ƉƌĞƐĞŶƚĂ ƵŶ ĐĂƵĚĂů ŝŵƉŽƌƚĂŶƚĞ͕ LJ ůĂ ĨƵĞƌnjĂ ĚĞ ůĂ ŵĂƌĞĂ ĞƐ ĚĠďŝů ƐĞ
ƉƌŽĚƵĐĞƵŶĂƉůƵŵĂĚĞŝŶƚƌƵƐŝſŶƐĂůŝŶĂ;ĐŽŵŽƉŽƌĞũĞŵƉůŽĞŶĞůĞůƚĂĚĞůďƌŽͿ͘ƐƚĞ
ƐŝƐƚĞŵĂƐĞŵĂŶƚŝĞŶĞŵƵLJĞƐƚƌĂƚŝĨŝĐĂĚŽĚƵƌĂŶƚĞůĂŵĂƌĞĂĂůƚĂ͕LJƉƵĞĚĞǀŽůǀĞƌƐĞŵĞŶŽƐ
ĂĐƵƐĂĚŽĞŶƚĞŵƉŽƌĂĚĂƐƐĞĐĂƐ͘

ZşŽƐĚĞĐĂƵĚĂůŵĞĚŝŽĂŐƌĂŶĚĞĐŽŵďŝŶĂĚŽƐĐŽŶŵĂƌĞĂƐĚĠďŝůĞƐĂŵŽĚĞƌĂĚĂƐƉƌŽĚƵĐĞŶ
ĞƐƚƵĂƌŝŽƐ ŵƵLJ ĞƐƚƌĂƚŝĨŝĐĂĚŽƐ͘ >Ă ĐŽůƵŵŶĂ ĚĞ ĂŐƵĂ ƉƌĞƐĞŶƚĂ ƵŶĂƐ ĐĂƌĂĐƚĞƌşƐƚŝĐĂƐ
ƐŝŵŝůĂƌĞƐ Ă ůĂƐ ĚĞ ĐƵŹĂ ŵĂƌŝŶĂ͕ ƉĞƌŽ ƐĞ ŵĂŶƚŝĞŶĞ ĚƵƌĂŶƚĞ ƚŽĚŽ Ğů ĐŝĐůŽ ŵĂƌĞĂů͕
ŶŽƌŵĂůŵĞŶƚĞĞŶĞƐƚƵĂƌŝŽƐĐŽŶƉƌŽĨƵŶĚŝĚĂĚŵĂLJŽƌĂϮϬŵ;ĨŝŽƌĚŽƐͿ͘

Ŷ ůŽƐ ĞƐƚƵĂƌŝŽƐ ƉŽĐŽ ĞƐƚƌĂƚŝĨŝĐĂĚŽƐ Ž ƉĂƌĐŝĂůŵĞŶƚĞ ŵĞnjĐůĂĚŽƐ ŽďƐĞƌǀĂŵŽƐ ůĂ

ĐŽŵďŝŶĂĐŝſŶĚĞŵĂƌĞĂƐŵŽĚĞƌĂĚĂƐĂĨƵĞƌƚĞƐĐŽŶƌşŽƐĚĞƉŽĐŽĐĂƵĚĂů͘ůƉĞƌĨŝůŵĞĚŝŽ
ĚĞ ƐĂůŝŶŝĚĂĚƉƌĞƐĞŶƚĂ ƵŶĂ ĞƐƚƌĂƚŝĨŝĐĂĐŝſŶ ĐŽŶƚŝŶƵĂĞŶƚŽĚĂ ůĂ ĐŽůƵŵŶĂ͕ĞdžĐĞƉƚŽ ĐĞƌĐĂ
ĚĞůĨŽŶĚŽ͕ĚŽŶĚĞĞdžŝƐƚĞŵĞnjĐůĂ͘ůĨůƵũŽĚĞŝŶƚĞƌĐĂŵďŝŽĞƐŵĄƐĨƵĞƌƚĞƋƵĞĞŶůŽƐƚŝƉŽƐ
ĂŶƚĞƌŝŽƌĞƐƉŽƌůĂŵĞnjĐůĂĚĞĂŐƵĂƐĨůƵǀŝĂůĞƐLJŽĐĞĄŶŝĐĂƐ͘

DĂƌĞĂƐĨƵĞƌƚĞƐLJƌşŽƐĚĞĐĂƵĚĂůŵƵLJĚĠďŝůƉƌŽƉŝĐŝĂŶůĂŵĞnjĐůĂĐŽŶƚŝŶƵĂĚĞůĂƐĂŐƵĂƐĚĞ
ĂŵďŽƐŽƌşŐĞŶĞƐ͕ĨŽƌŵĂŶĚŽĞƐƚƵĂƌŝŽƐǀĞƌƚŝĐĂůŵĞŶƚĞŵĞnjĐůĂĚŽƐ͘ŶĞůůŽƐ͕ůŽƐƉĞƌĨŝůĞƐĚĞ
ƐĂůŝŶŝĚĂĚƐŽŶƉƌĄĐƚŝĐĂŵĞŶƚĞŚŽŵŽŐĠŶĞŽƐLJĚĞďŝĚŽĂƐƵĞƐĐĂƐĂƉƌŽĨƵŶĚŝĚĂĚ͕ůŽƐĨůƵũŽƐ
ĚĞĞŶƚƌĂĚĂLJƐĂůŝĚĂƐĞĞƐƚĂďůĞĐĞŶĂǀĞĐĞƐŚŽƌŝnjŽŶƚĂůŵĞŶƚĞĞŶůƵŐĂƌĚĞĞŶůĂĐŽůƵŵŶĂ
ǀĞƌƚŝĐĂů͕ĞƐƉĞĐŝĂůŵĞŶƚĞĞŶƚĞŵƉŽƌĂĚĂƐƐĞĐĂƐLJĞƐƚƵĂƌŝŽƐĐŽŶƵŶĂĞŶƚƌĂĚĂĂŶĐŚĂ͘

dŽĚŽƐĞƐƚŽƐƉĞƌĨŝůĞƐƉƵĞĚĞŶĐĂŵďŝĂƌĞŶƚƌĞƵŶƚŝƉŽLJŽƚƌŽĞŶĨƵŶĐŝſŶĚĞůĐŝĐůŽŵĂƌĞĂů͕
ĚĞůŵĞƐ͕ĚĞůĂĞƐƚĂĐŝſŶŽĚĞůĂůŽĐĂůŝnjĂĐŝſŶĚĞŶƚƌŽĚĞůŵŝƐŵŽĞƐƚƵĂƌŝŽ͘

Ŷ ďĂƐĞ Ă ƐƵ ŐĞŽŵŽƌĨŽůŽŐşĂ ƉŽĚĞŵŽƐ ĐůĂƐŝĨŝĐĂƌůŽƐ ĞŶ ƉůĂŶŝĐŝĞƐ ĐŽƐƚĞƌĂƐ͕ ĨŝŽƌĚŽƐ͕
ƚĞĐƚſŶŝĐŽƐLJĚĞďĂƌƌĞƌĂ͘dŽĚĂƐůĂƐĐĂƚĞŐŽƌşĂƐŝŶĨůƵŝƌĄŶĞŶůĂĚŝŶĄŵŝĐĂĚĞŵĂƌĞĂƐƋƵĞƐĞ
ĞƐƚĂďůĞnjĐĂĞŶĞůůŽƐ͘

Ŷ ƐŝƐƚĞŵĂƐ ŐĞŽŐƌĄĨŝĐŽƐ ĚĞ ĞƐƚĞ ƚŝƉŽ͕ Ğů ƌĠŐŝŵĞŶ ĚĞ ŵĂƌĞĂƐ ƐƵĞůĞ ƐĞƌ ĚĞ ƚŝƉŽ
ĐŽŽƐĐŝůĂŶƚĞ ;ŝŵƉƵůƐĂĚĂ ĚŝƌĞĐƚĂŵĞŶƚĞ ƉŽƌ ůĂ ŵĂƌĞĂ ŽĐĞĄŶŝĐĂ͕ ŐĞŶĞƌĂĚĂ ƉŽƌ ůŽƐ
ŵŽǀŝŵŝĞŶƚŽƐ ĂƐƚƌŽŶſŵŝĐŽƐͿ ƉĞƌŽ ƐƵ ĂŵƉůŝƚƵĚ LJ ĚŝƌĞĐĐŝſŶ ĞƐƚĄŶ ĚĞƚĞƌŵŝŶĂĚĂƐ ƉŽƌ ůĂ
ĨŽƌŵĂLJďĂƚŝŵĞƚƌşĂĚĞůĂĐŽƐƚĂƋƵĞĐŽŶƚŝĞŶĞĂĞƐƚĞĐƵĞƌƉŽĚĞĂŐƵĂ͕ĚĄŶĚŽůĞƵŶƉĞƌŝŽĚŽ

ϯϰ

ĚĞ ŽƐĐŝůĂĐŝſŶ ƉƌŽƉŝĂ ĞŶ ĨƵŶĐŝſŶ ĚĞ ůĂ ůŽŶŐŝƚƵĚ LJ ƉƌŽĨƵŶĚŝĚĂĚ ĚĞů ĐĂŶĂů͘ ŽŵŽ ĞŶ
ĐƵĂůƋƵŝĞƌ ŽƐĐŝůĂĚŽƌ ĂƌŵſŶŝĐŽ͕ ĐƵĂŶĚŽ ůĂ ŽƐĐŝůĂĐŝſŶ ĨŽƌnjĂĚĂ ƋƵĞ ƉƌŽǀŝĞŶĞ ĚĞ ŵĂƌ
ĂďŝĞƌƚŽƚŝĞŶĞƵŶƉĞƌŝŽĚŽŝŐƵĂůĂůƉĞƌŝŽĚŽŶĂƚƵƌĂůĚĞŽƐĐŝůĂĐŝſŶĚĞůĐƵĞƌƉŽĚĞĂŐƵĂ͕ƐĞ
ƉƌŽĚƵĐĞĞůĐŽŶŽĐŝĚŽĨĞŶſŵĞŶŽĚĞƌĞƐŽŶĂŶĐŝĂ͖ďĂũŽĞƐƚĞĞĨĞĐƚŽ͕ůĂĂŵƉůŝƚƵĚĚĞůĂŽŶĚĂ
ƐƵĨƌĞůĂŵĄdžŝŵĂĂŵƉůŝĨŝĐĂĐŝſŶĞŶĞůŝŶƚĞƌŝŽƌĚĞůĚŽŵŝŶŝŽ;ůǀĂƌĞnjĞƚĂů͘ϮϬϬϭͿ͘

ŶĞůĐĂƐŽĚĞůĞƐƚƵĂƌŝŽĚĞůZşŽ'ƵĂĚĂůƋƵŝǀŝƌ͕ƐƵĐĂƵĚĂůĚĞĂŐƵĂĚƵůĐĞŵĞĚŝŽĞƐĚĞϭϭϯ
ŵϯͬƐ͕ ƋƵĞ ƐƵƉŽŶĞ ǀĞůŽĐŝĚĂĚĞƐ ĚĞ ůĂ ĐŽƌƌŝĞŶƚĞ ŵĞĚŝĂƐ ŶŽ ƐƵƉĞƌŝŽƌĞƐ Ă ϱ ĐŵͬƐ͕ LJ ĞƐƚĄ
ĚĞƚĞƌŵŝŶĂĚŽƉŽƌĞůĐůŝŵĂŵĞĚŝƚĞƌƌĄŶĞŽ͕ĐŽŶǀĞƌĂŶŽƐƐĞĐŽƐLJĐĄůŝĚŽƐĞŝŶǀŝĞƌŶŽƐƐƵĂǀĞƐ
;ůǀĂƌĞnjĞƚĂů͘ϮϬϬϭͿ͘^ſůŽĞŶƉĞƌŝŽĚŽƐŵƵLJĐŽŶĐƌĞƚŽƐ͕ƋƵĞŽĐƵƌƌĞŶĐŽŶŵĄƐĨƌĞĐƵĞŶĐŝĂ
ĞŶ ŝŶǀŝĞƌŶŽ͕ ƐĞ ƉƌŽĚƵĐĞŶ ĂƉƌĞĐŝĂďůĞƐ ĐƌĞĐŝĚĂƐ͕ ĐŽŶ ĐĂƵĚĂůĞƐ ŵĄdžŝŵŽƐ ƋƵĞ ƌĂƌĂ ǀĞnj
ĂůĐĂŶnjĂŶϯϱϬŵϯͬƐ͕ŵŝĞŶƚƌĂƐƋƵĞĞŶůĂŵĂLJŽƌƉĂƌƚĞĚĞůĂŹŽĞůĐĂƵĚĂůĚĞĂŐƵĂĚƵůĐĞĞƐ
ŵƵLJƉĞƋƵĞŹŽ͕ŶŽƐƵƉĞƌĂŶĚŽůŽƐϯŵϯͬƐ͘ƐƚĂƐĐĂƌĂĐƚĞƌşƐƚŝĐĂƐŚĂĐĞŶƋƵĞŶŽƌŵĂůŵĞŶƚĞ
ĞŶĐŽŶƚƌĞŵŽƐƵŶĂĞƐƚƌĂƚŝĨŝĐĂĐŝſŶĚĞůĂĐŽůƵŵŶĂĚĞĂŐƵĂĚĞƚŝƉŽŵĞnjĐůĂĚŽ͘

WĞƌŽ Ă ůŽ ůĂƌŐŽ ĚĞů ĐƵƌƐŽ ĚĞů 'ƵĂĚĂůƋƵŝǀŝƌ ƐĞ ŚĂŶ ƌĞĂůŝnjĂĚŽ ĚŝǀĞƌƐĂƐ ĂĐƚƵĂĐŝŽŶĞƐ ĚĞ
ŽƌŝŐĞŶĂŶƚƌŽƉŽŐĠŶŝĐŽƋƵĞŚĂŶŵŽĚŝĨŝĐĂĚŽƐƵĐŽŶĨŝŐƵƌĂĐŝſŶŶĂƚƵƌĂů͗dĂŶƚŽůĂƉƌĞƐĞŶĐŝĂ
ĚĞ ůĂ ĞƐĐůƵƐĂ ĚĞ ^ĞǀŝůůĂ ϴϵ Ŭŵ ĂŐƵĂƐ ĂƌƌŝďĂ͕ ĐŽŶƐƚƌƵŝĚĂ ƉĂƌĂ ĞůŝŵŝŶĂƌ Ğů ĞĨĞĐƚŽ ĚĞ ůĂ
ŵĂƌĞĂ ĞŶ Ğů WƵĞƌƚŽ ĚĞ ^ĞǀŝůůĂ͕ ĐŽŵŽ ůĂ ŶĞĐĞƐŝĚĂĚ ĞdžŝƐƚĞŶƚĞ ĚĞ ƋƵĞ ƉƵĞĚĂŶ ĂĐĐĞĚĞƌ
ŐƌĂŶĚĞƐďĂƌĐŽƐ;ƋƵĞĚĞŵĂŶĚĂůĂŶĞĐĞƐŝĚĂĚĚĞĂƵŵĞŶƚĂƌůĂƉƌŽĨƵŶĚŝĚĂĚĚĞůƌşŽĚĞƐĚĞ
ƐƵ ĚĞƐĞŵďŽĐĂĚƵƌĂ ŚĂƐƚĂ ůĂ ĞƐĐůƵƐĂ ĞŶ ƵŶŽƐ ϲ͕ϱ ŵͿ͕ ŚĂĐĞŶ ƋƵĞ ůĂ ĚĞůŝŵŝƚĂĐŝſŶ ĚĞ ůĂ
njŽŶĂĞƐƚƵĂƌŝŶĂĚĞů'ƵĂĚĂůƋƵŝǀŝƌŶŽƐĞƉƌŽĚƵnjĐĂĐŽŵŽŝŶĚŝĐĂůĂĚĞĨŝŶŝĐŝſŶĚĞĂŵĞƌŽŶLJ
WƌŝƚĐŚĂƌĚĞŶƐƵůşŵŝƚĞŶĂƚƵƌĂůĚĞůĄƌĞĂĚĞĂĐƚƵĂĐŝſŶĚĞůĂƉůƵŵĂĚĞŝŶƚƌƵƐŝſŶƐĂůŝŶĂ;ϯϬ
<ŵͿƐŝŶŽƉŽƌůĂƌĞŐŝſŶĚĞƉƌŽƉĂŐĂĐŝſŶĚĞŽŶĚĂĚĞŵĂƌĞĂ͕ƋƵĞƚŝĞŶĞƵŶůşŵŝƚĞƉƌĞĐŝƐŽ
ĞŶůĂĞƐĐůƵƐĂƐŝƚƵĂĚĂĂϴϵ<ŵ͕LJƋƵĞŵĂƌĐĂĞůĨŝŶĂůĚĞůĂnjŽŶĂĂůƚĂĚĞůĞƐƚƵĂƌŝŽ͘ƐƚĂƐ
ĂĐƚƵĂĐŝŽŶĞƐŚĂŶŵŽĚŝĨŝĐĂĚŽĚĞŵĂŶĞƌĂĐŽŶƐŝĚĞƌĂďůĞůĂŚŝĚƌŽĚŝŶĄŵŝĐĂĚĞůƐŝƐƚĞŵĂ͘WŽƌ
ůŽƐ ĞĨĞĐƚŽƐ ĚĞ ƌĞƐŽŶĂŶĐŝĂ LJ ĨƌŝĐĐŝſŶ͕ LJ ƉĞƐĞ Ă ůĂ ĞƐĐĂƐĂ ƉƌŽĨƵŶĚŝĚĂĚ ƉƌĞƐĞŶƚĞ
ŶĂƚƵƌĂůŵĞŶƚĞ͕ůĂƐŽŶĚĂƐƉƌŽǀŽĐĂĚĂƐƉŽƌůĂŵĂƌĞĂĂůƚĂĂƉĞŶĂƐƐĞĂƚĞŶƷĂŶĂůŽůĂƌŐŽĚĞ
ƚŽĚĂƐƵĞdžƚĞŶƐŝſŶLJƐŝŶĞŵďĂƌŐŽĞƉŝƐŽĚŝŽƐĚĞĨƵĞƌƚĞƐƉƌĞĐŝƉŝƚĂĐŝŽŶĞƐƋƵĞĂƵŵĞŶƚĞŶůĂ
ĞŶƚƌĂĚĂ ĚĞ ĂŐƵĂ ĚƵůĐĞ ƉƵĞĚĞŶ ĂƚĞŶƵĂƌ Ž ŝŶĐůƵƐŽ ƌĞǀĞƌƚŝƌ ĞƐƚĞ ĞĨĞĐƚŽ ĚĞ ĨŽƌŵĂ
ƚĞŵƉŽƌĂů;ůǀĂƌĞnjĞƚĂů͘ϮϬϬϭͿ͘

ϯϱ

dŽĚŽƐ ĞƐƚŽƐ ĨĂĐƚŽƌĞƐ ĂĨĞĐƚĂŶ ĚĞ ĨŽƌŵĂ ĚŝƌĞĐƚĂ Ă ůĂ ĞƐƚƌƵĐƚƵƌĂ LJ ĚŝǀĞƌƐŝĚĂĚ ĚĞ ůĂƐ
ĞƐƉĞĐŝĞƐĚĞĨŝƚŽƉůĂŶĐƚŽŶƉƌĞƐĞŶƚĞƐ͕ĞŶĨƵŶĐŝſŶĚĞƉĂƌĄŵĞƚƌŽƐĐŽŵŽůĂƚŽůĞƌĂŶĐŝĂĂůĂ
ƐĂůŝŶŝĚĂĚ͕ ƚƌĂŶƐƉŽƌƚĞ ůŽŶŐŝƚƵĚŝŶĂů Ă ůŽ ůĂƌŐŽ ĚĞů ĞƐƚƵĂƌŝŽ͕ ƐŝƚƵĂĐŝſŶ ĞŶ ůĂ ĐŽůƵŵŶĂ ĚĞ
ĂŐƵĂ Ž ĂůŝŵĞŶƚĂĐŝſŶ ƉŽƌ ƉĂƌƚĞ ĚĞů njŽŽƉůĂŶĐƚŽŶ͕ ŵŽĚŝĨŝĐĂŶĚŽ ůĂƐ ĐŽŶƐĞĐƵĞŶĐŝĂƐ
ĞĐŽůſŐŝĐĂƐ͕ĞĐŽŶſŵŝĐĂƐLJƐŽĐŝĂůĞƐĚĞůŽƐĂĨůŽƌĂŵŝĞŶƚŽƐĚĞĐŝĂŶŽďĂĐƚĞƌŝĂƐƉƌŽĐĞĚĞŶƚĞƐ
ĚĞůĂĚĞƐĐĂƌŐĂĨůƵǀŝĂů͕LJĚĞůĂƐŵĂƌĞĂƐƌŽũĂƐĚĞĚŝŶŽĨůĂŐĞůĂĚŽƐƋƵĞĂůĐĂŶĐĞŶĞůƐŝƐƚĞŵĂ
ĚĞƐĚĞ Ğů ŽĐĠĂŶŽ͘ ƌĞĞŵŽƐ ƋƵĞ ƵŶ ĞŶĨŽƋƵĞ ƚŽdžŝĐŽůſŐŝĐŽ ƉƵĞĚĞ ĂLJƵĚĂƌ Ă ĐŽŵƉƌĞŶĚĞƌ
ŵĞũŽƌ ůĂ ĞǀŽůƵĐŝſŶ ĚĞ ĞƐƚŽƐ ĞƉŝƐŽĚŝŽƐ͕ ƉƌĞĚĞĐŝƌ ƐƵ ĂƉĂƌŝĐŝſŶ LJ ƉƌĞǀĞŶŝƌ ƐƵƐ
ĐŽŶƐĞĐƵĞŶĐŝĂƐ͕ƚĞŶŝĞŶĚŽĞŶĐƵĞŶƚĂůŽƐƉĂƌĄŵĞƚƌŽƐ;ĨşƐŝĐŽƐ͕ƋƵşŵŝĐŽƐLJďŝŽůſŐŝĐŽƐͿƋƵĞ
ĂĨĞĐƚĂŶĂƐƵĞĐŽůŽŐşĂ͘

 

ϯϲ

 





ϰ͘K:d/sK^z^dZhdhZ

ϯϳ

 

ϯϴ

 

&/'hZϰ;Ϳ^YhD>K^>KYh^K:d/sK^^ddZ:K͘

ůƉƌĞƐĞŶƚĞƚƌĂďĂũŽƚŝĞŶĞĐŽŵŽŽďũĞƚŝǀŽƉƌŝŶĐŝƉĂůĞƐƚƵĚŝĂƌůĂƐŝŶƚĞƌĂĐĐŝŽŶĞƐƉƌŽĚƵĐŝĚĂƐ
ĞŶ ĂŵďŝĞŶƚĞƐ ĚĞ ĞƐƚƵĂƌŝŽ ĞŶƚƌĞ ĞƐƉĞĐŝĞƐ ƉŽůŝĨŝůĠƚŝĐĂƐ ĚĞů ĨŝƚŽƉůĂŶĐƚŽŶ ƚĂŶƚŽ ŵĂƌŝŶŽ
ĐŽŵŽ ĐŽŶƚŝŶĞŶƚĂů Ăů ĞŶĨƌĞŶƚĂƌƐĞ Ă ĐĂŵďŝŽƐ ĚĞ ƐĂůŝŶŝĚĂĚ ƉƌŽǀŽĐĂĚŽƐ ƉŽƌ Ğů ĨůƵũŽ ĚĞ
ŵĂƌĞĂƐLJůĂĞŶƚƌĂĚĂĚĞĂŐƵĂĚƵůĐĞ͕ŚĂĐŝĞŶĚŽĞƐƉĞĐŝĂůŚŝŶĐĂƉŝĠĞŶĞƐƉĞĐŝĞƐƉƌŽĚƵĐƚŽƌĂƐ
ĚĞ ƚŽdžŝŶĂƐ ƋƵĞ ƉƵĚŝĞƌĂŶ ĂĨĞĐƚĂƌ Ăů njŽŽƉůĂŶĐƚŽŶ͕ ĐŽŵŽ ǀşĂ ĚĞ ĞŶƚƌĂĚĂ ĞŶ ůĂƐ ĐĂĚĞŶĂƐ
ƚƌſĨŝĐĂƐ͘

WĂƌĂĞůůŽ͕ƐĞĐŽŶĐƌĞƚĂĞŶĚŽƐŽďũĞƚŝǀŽƐĞƐƉĞĐşĨŝĐŽƐƉĂƌĂƚƌĂƚĂƌĨŝƚŽƉůĂŶĐƚŽŶŵĂƌŝŶŽ;ƋƵĞ
ĞŶƚƌĂĂůĞƐƚƵĂƌŝŽƉŽƌĨůƵũŽƐŵĂƌĞĂůĞƐͿLJĨŝƚŽƉůĂŶĐƚŽŶĐŽŶƚŝŶĞŶƚĂů;ƋƵĞĞŶƚƌĂƉŽƌĂƌƌĂƐƚƌĞ
ĚĞĂŐƵĂƐĚƵůĐĞƐͿ͘ƐƵǀĞnj͕ƉĂƌĂĐĂĚĂƵŶŽĚĞĞƐƚŽƐŽďũĞƚŝǀŽƐĞƐƉĞĐşĨŝĐŽƐ͕ƐĞĞƐƚƵĚŝĂĞŶ
ƉƌŝŵĞƌ ůƵŐĂƌ Ğů ŝŵƉĂĐƚŽ ĚĞ ůŽƐ ĐĂŵďŝŽƐ ĚĞ ƐĂůŝŶŝĚĂĚ ƐŽďƌĞ ĚŝǀĞƌƐŽƐ ƉĂƌĄŵĞƚƌŽƐ

ϯϵ

ĨŝƐŝŽůſŐŝĐŽƐ ĚĞ ůŽƐ ŵŝĐƌŽŽƌŐĂŶŝƐŵŽƐ ;ĐƌĞĐŝŵŝĞŶƚŽ͕ ďĂůĂŶĐĞ ĚĞ ŽdžşŐĞŶŽ
ĨŽƚŽƐşŶƚĞƐŝƐͬƌĞƐƉŝƌĂĐŝſŶ͕LJĨŽƚŽƐŝƐƚĞŵĂ//ͿLJƉŽƐƚĞƌŝŽƌŵĞŶƚĞůŽƐĞĨĞĐƚŽƐĚĞůĂŝŶŐĞƐƚŝſŶ
ĚĞĚŝĐŚŽƐŵŝĐƌŽŽƌŐĂŶŝƐŵŽƐƉŽƌůĂƌǀĂƐĚĞƌƚĞŵŝĂĨƌĂŶĐŝƐĐĂŶĂ͕ƵƚŝůŝnjĂĚŽĐŽŵŽŵŽĚĞůŽ
ĚĞnjŽŽƉůĂŶĐƚŽŶ͘

WŽƌ ƷůƚŝŵŽ͕ ƐĞ ĞƐƚƵĚŝĂ ůĂ ƵƚŝůŝĚĂĚ ĚĞů ƐŝƐƚĞŵĂ ĐŽŵĞƌĐŝĂů DŝĐƌŽƚŽdžΠ ĐŽŵŽ ĂůĞƌƚĂ
ƚĞŵƉƌĂŶĂ ĚĞů ƌŝĞƐŐŽ ƚŽdžŝĐŽůſŐŝĐŽ ĞŶ ĂĨůŽƌĂŵŝĞŶƚŽƐ ĚĞ ĐŝĂŶŽďĂĐƚĞƌŝĂƐ ĞŶ ĚŝĐŚŽƐ
ĞĐŽƐŝƐƚĞŵĂƐ͕ ĐŽŵƉĂƌĄŶĚŽůŽ ĐŽŶ ŵĠƚŽĚŽƐ ĚĞ ĞŶnjŝŵŽŝŶŵƵŶŽĂŶĄůŝƐŝƐ ƋƵĞ ĚĞƚĞĐƚĂŶ ƐƵƐ
ƚŽdžŝŶĂƐ͘

 

ϰϬ









ϱ͘Zd1h>K^Wh>/K^
ϰϭ

 

ϰϮ

ϱ͘ϭ͘dKy/&&d^/Ehz^>d^dZ^^KE^>d&Z^,tdZ
WZK<ZzKd/Eh<ZzKd/D/ZK>'>^W/^͘

 

ϰϯ

 

ϰϰ

Ecotoxicology (2009) 18:174–179
DOI 10.1007/s10646-008-0269-y
Toxic effects induced by salt stress on selected freshwater
prokaryotic and eukaryotic microalgal species
M. C. Bartolomé Æ A. D’ors Æ S. Sánchez-Fortún
Accepted: 29 September 2008 / Published online: 15 October 2008
Ó Springer Science+Business Media, LLC 2008
Abstract In order to determine the short-term impact
induced by salt stress, cultures of Dictyosphaerium chlo-
relloides and Microcystis aeruginosa were grown in
presence of increasing sea-salt concentrations. Growth rate
and photosystem II activity in D. chlorelloides, and pho-
tosynthetic oxygen production (in both species) were
analyzed. A concentration-dependent response was
obtained with the presence of sea-salt in culture medium,
being M. aeruginosa (EC50(72) = 76.6 mM) more sensitive
to salt stress than D. chlorelloides (EC50(72) = 340.7 mM).
However, comparative analysis between growth and UPSII
inhibition in D. chlorelloides shown that there are not
significant differences among EC50(72) values obtained. An
immediate toxic response, induced by increase of sea-salt
concentration, has been obtained applying the calculated
EC50(72) values in both species. These results shown that
sea-salt acts as a sensitive and rapid toxic compound in
algal cells, and that the sensitivity of M. aeruginosa to
salinity stress is much higher than that of D. chlorelloides.
Keywords Toxicity
Salt stress

Dictyosphaerium chlorelloides
Microcystis aeruginosa

Growth rate
Photosynthetic activity
M. C. Bartolomé
Facultad de Quimicofarmacologı́a, Universidad Michoacana de
San Nicolás de Hidalgo, Calle Santiago Tapia, no 43, 58000
Morelia, Michoacan, Mexico
A. D’ors
S. Sánchez-Fortún (&)
Dpto. Toxicologı́a y Farmacologı́a, Facultad de Veterinaria,
Universidad Complutense de Madrid, Avenida Puerta de Hierro,
s/n, 28040 Madrid, Spain
e-mail: fortun@vet.ucm.es
123
Introduction
Saltwater intrusion is the introduction, accumulation, or
formation of saline water into a water of lesser salinity. The
processes involved can be natural or human-induced but
are particularly exacerbated by human activity such as
urbanization, dredging and other various modifications in
the hydrology of tidal streams.The result of this is the
ultimate loss of tidal marshes and associated wildlife,
contamination of freshwater resources, and degradation of
the immediate shoreline.
High-salt stress is a major environmental factor that
limits plant growth and productivity (Boyer 1982). The
detrimental effects of high concentrations of salt on plants
can be observed at the whole-plant level as the death of
plants and/or decreases in productivity. Reductions in plant
growth due to salt stress are often associated with decreases
in photosynthetic activities, such as the electron transport
(Greenway and Munns 1980). Effects of salt stress have
been examined in various salt-sensitive and tolerant plants,
including some crop (Cheeseman 1988) and a facultative
halophyte (Adams et al. 1992), as well as in cultured cells
(Sumaryati et al. 1992), but mechanisms of inhibition of
photosynthesis by salt stress remain poorly defined.
Chlorophyceans and cyanobacters play an important
role in the equilibrium of aquatic ecosystems, being the
trophic chain level to produce organic matter and oxygen.
The rest of aquatic biota is strictly dependent upon the
photosynthetic activity of these organisms. Perturbations of
phytoplanktonic populations and alterations of their pri-
mary production may have severe repercussions on the
other biotic communities. Nowadays eukaryotic and pro-
karyotic cells are regarded as relevant indicators in the field
of environmental monitoring and assessment. Owing to
their easiness of culture and sensitivity to a number of
ϱ͘Ϯ͘dKy/Z/^<^^K/dt/d,^WKZ/KhZZE^K&
D/ZKz^d/^Zh'/EK^>KKD^&ZKDd/>Z/sZ^/EDZ/EE
^dhZ/EK^z^dD^E/d^/DWdKEZdD/&ZE/^E

EhW>//WKWh>d/KE^͘

 

ϱϭ

 

ϱϮ

 Chemosphere 90 (2013) 2187–2192

Contents lists available at SciVerse ScienceDirect

Chemosphere
journal homepage: www.elsevier.com/locate/chemosphere

Toxic risk associated with sporadic occurrences of Microcystis aeruginosa

blooms from tidal rivers in marine and estuarine ecosystems and its impact on
Artemia franciscana nauplii populations
A. D’ors a, M.C. Bartolomé b, S. Sánchez-Fortún a,⇑
a
Dpto. Toxicología y Farmacología, Facultad de Veterinaria, Universidad Complutense de Madrid, Avenida Puerta de Hierro, s/n, 28040 Madrid, Spain
b
Facultad de Quimicofarmacología, Universidad Michoacana de San Nicolás de Hidalgo, Calle Santiago Tapia, No. 43, 58000 Morelia (Michoacán), Mexico

h i g h l i g h t s

" Microcystis blooms keep their toxicity, even when they are dragged to estuarine.
" Microcystis aeruginosa blooms associated with tidal flows can be harmful to Artemia nauplii.
" The toxicological impact on nauplii depends of the cyanobacterial strain involved.

a r t i c l e i n f o a b s t r a c t

Article history: Microcystis aeruginosa is a species of freshwater cyanobacteria which can form harmful algal blooms in
Received 13 June 2012 freshwater water bodies worldwide. However, in spite its sporadic occurrences for short periods of time
Received in revised form 6 November 2012 in estuarine waters, their influence on zooplankton populations present in these ecosystems has not been
Accepted 16 November 2012
extensively studied. In this work, Artemia franciscana was used as test organism model, studying mortal-
Available online 14 December 2012
ity against several strains of M. aeruginosa with different degrees of toxigenicity, measuring whole-live
cells and homogenate extracts. Results were compared with microcystin-LR equivalent content, mea-
Keywords:
sured by immunoassay. The results show that there were no significant differences between both expo-
Microcystis aeruginosa strains
Estuaries
sure models (whole cells and extracts), and there are significant differences respect to the toxigenicity of
Microcystin-LR cyanobacterial blooms depending of the M. aerugionosa strain involved in the process. Analysis of micr-
Environmental risk ocystin-LR equivalent concentration test immediately below the lowest significant concentration in all M.
Artemia franciscana aerugionosa strains was used to determine the potential risk associated with the cell densities during a
Immunoassay bloom. Comparison among the selected M. aerugionsa strains show that these factors have influence in
the results obtained, and thus, several differences have been evidenced depending of the microcystin-
LR equivalent production and the strain type involved.
Ó 2012 Elsevier Ltd. All rights reserved.

1. Introduction functioning and competitively dominant species are more likely

Biodiversity is a measure of community structure, whether it is
expressed merely as species richness or with a specific index.
Different phytoplankton diversity studies demonstrated, according
to the dynamic equilibrium model of Huston (1979), that diversity
is reduced by competitive exclusion under conditions of high
production and low levels of disturbance, or where production is
too slow to allow recovery from mortality. Changes in species com-
position and diversity may produce changes in community level
parameters, like zooplankton and those parameters regulating the
community phytoplankton growth rate. Furthermore, high-
⇑ Corresponding author. Tel.: +34 913943841.
E-mail address: fortun@vet.ucm.es (S. Sánchez-Fortún).
to be found within species-rich communities (Reiss et al., 2009).
It is important to understand how these changes are reflected in
ecosystem functioning and ecosystem services (Duarte et al., 2006).
Microcystis aeruginosa is a cyanobacterium species that can
form harmful algal blooms in freshwater water bodies worldwide
(Chorus, 2005), in both pelagic and benthonic communities
(Welker et al., 2007). Its distribution has spread into some estuar-
ies including the Guadiana River in Spain and Portugal (Rocha
et al., 2002). Although the potential impact of Microcystis blooms
on human health is known, its potential impact on the structure
and function of aquatic food webs is poorly understood (Ibelings
and Havens, 2008).
Cyanobacteria produce a large array of metabolites including
organic and amino acids, peptides, alkaloids, carbohydrates, and

0045-6535/$ - see front matter Ó 2012 Elsevier Ltd. All rights reserved.
http://dx.doi.org/10.1016/j.chemosphere.2012.11.029
ϱ͘ϯ͘/DWKZdEK&^dZ/EdzWdKWZ/dd,dKy/K>K'/>Z/^<
^^K/dt/d,D/ZKz^d/^Zh'/EK^>KKD^͗KDWZ/^/KE

K&D/ZKdKyΠE>z^/^E/DDhEK^^z͘

 

ϱϵ

 

ϲϬ

 +PVSOBM
PG
$PBTUBM
-JGF
.FEJDJOF

 

 

+PVSOBM
PG
$PBTUBM
-JGF
.FEJDJOF
KPVSOBM
IPNFQBHF
XXXKDMNNDPN

%PDVNFOU
IFBEJOH











EPJ+$-.+$-.















ᖲ

CZ
UIF
+PVSOBM
PG
$PBTUBM
-JGF
.FEJDJOF
"MM
SJHIUT
SFTFSWFE

3JTL
BTTPDJBUFE
XJUI
UPYJD
CMPPNT
PG
NBSJOF
QIZUPQMBOLUPO
GVODUJPOBM

HSPVQT
PO
"SUFNJB
GSBODJTDBOB


"OB
%’PST
.BSíB
$BSNFO
#BSUPMPNé
4FCBTUJáO
4áODIF['PSUúO

%FQBSUNFOU
PG
5PYJDPMPHZ
BOE
1IBSNBDPMPHZ
'BDVMUZ
PG
7FUFSJOBSZ
4DJFODFT
$PNQMVUFOTF
6OJWFSTJUZ
TO
1VFSUB
EF
)JFSSP
"WF

.BESJE
4QBJO

'BDVMUZ
PG
$IFNJTUSZ1IBSNBDPCJPMPHZ
.JDIPBDBOB
EF
4BO
/JDPMáT
EF
)JEBMHP
6OJWFSTJUZ

4BOUJBHP
5BQJB
4U

.PSFMJB
.JDIPBDáO

.FYJDP

1 & & 3
3 & 7 * & 8

























" # 4 5 3 " $ 5

1FFS
SFWJFXFS 0CKFDUJWF
5P
TUVEZ
NPSUBMJUZ
PG
DPQFQPE
"SUFNJB
GSBODJTDBOB
BHBJOTU
UIF
PDDVSSFODF
PG
IBSNGVM

; F O H M J O H
. B
1 I  %
" T T P D J B U F
NBSJOF
BMHBF
BOE
QPTTJCMF
UPYJDPMPHJDBM
DIBOHFT
FYIJCJUFE
CZ
CJOBSZ
BOE
UFSUJBSZ
DPNCJOBUJPOT
PG

1SPGFTTPS
;IFKJBOH
1SPWJODJBM
,FZ
-BC
UIFTF
IBSNGVM
BMHBF
UPYJOT
GPS
4 VCUSPQJDBM
8 BUFS
& OWJSPONFOU
.FUIPET
5XFFOUZ
GPVS
IPVST
BDVUF
UPYJDJUZ
BTTBZT
XFSF
QFSGPSNFE
XJUI
TFMFDUFE
DPODFOUSBUJPOT

BOE
. BSJOF
# JPMPHJDBM
3 FTPVSDFT
PG
"MFYBOESJVN
NJOVUVN
1SPSPDFOUSVN
MJNB
BOE
/JU[TDIJB
/D
MJWJOH
DFMMT
"EEJUJPOBMMZ
UIF

1 SPUFDUJPO
8 FO[IPV
6 OJWFSTJUZ
SFTVMUT
XFSF
BOBMZ[FE
VTJOH
UIF
NFEJBOFGGFDUDPNCJOBUJPO
JOEFY
$*
JTPCPMPHSBN
FRVBUJPO
UP

8 FO[IPV

$ IJOB
5 FM
   BTTFTT
QPTTJCMF
DIBOHFT
JO
UIF
UPYJD
FGGFDU
JOEVDFE
CZ
QIZUPQMBOLUPO
GVODUJPOBM
HSPVQT


&NBJM
NB[FOHMJOH!X[V 3FTVMUT
#JPUPYJO
FRVJWBMFOU
WBMVFT
PCUBJOFE
CZ
JNNVOPEFUFDUJPO
XFSF
Ń

Ń

BOE

FEVDO Ń

QHDFMM
GPS
TBYJUPYJO
PLBEBJD
BDJE
BOE
EPNPJD
BDJE
SFTQFDUJWFMZ
5IF
I
-$
WBMVFT

$PSFWJFXFS
%S
"NBOZ
"CEFM
)BNJE
FTUJNBUFE
UP
TBYJUPYJO
BOE
PLBEBJD
BDJE
FRVJWBMFOUT
XFSF

BOE

µH-
TJHOJGJDBOUMZ
CFMPX

*TNBFM
"MFYBOESJB
&HZQU UIF
WBMVF
PCUBJOFE
GPS
/JU[TDIJB
/D
XIJDI
XBT
FTUBCMJTIFE
BU

µH-
$*
BOBMZTJT
BQQMJFE

PO
QIZUPQMBOLUPO
BTTFNCMBHFT
TIPXFE
UIBU
CPUI
UFSOBSZ
NJYUVSF
BT
UIF
CJOBSZ
DPNCJOBUJPOT

$PNNFOUT FYIJCJUFE
BOUBHPOJD
BDUJPO
PO
UPYJD
FGGFDUT
JO
"SUFNJB
OBVQMJJ
XIJDI
XFSF
TJHOJGJDBOUMZ
MPXFS
UIBO

5IJT
JT
B
WBMVBCMF
SFTFBSDI
XPSL
JO
UIF
UPYJD
FGGFDU
FYIJCJUFE
CZ
FBDI
TQFDJFT
TUVEJFE

XIJDI
BVUIPST
IBWF
EFNPOTUSBUFE
$PODMVTJPOT
5IFTF
SFTVMUT
TIPX
UIBU
BMUIPVHI
UIFTF
IBSNGVM
BMHBF
SFQSFTFOU
B
TFSJPVT
SJTL

UIF
MFUIBM
FGGFDU
PG

IBSNGVM
BMHBF
UP
FTUVBSJOF
[PPQMBOLUPO
DPNNVOJUZ
UIF
QSFTFODF
PG
QIZUPQMBOLUPO
GVODUJPOBM
HSPVQT
XJUIJO

PO
NPEFM
PSHBOJTN
"
GSBODJTDBOB
UIF
TBNF
CMPPN
DBO
SFEVDF
UIF
QPUFOUJBM
SJTL
DPNQBSFE
UP
UIF
FYQFDUFE
SJTL
XIFO
FBDI
PG
UIF

' VSUIFSFNPSF
UIF
SFQPSU
QSPWJEFE
QIZUPQMBOLUPO
HSPVQT
BSF
FWBMVBUFE
JOEJWJEVBMMZ
SFBEFST
UIF
BOUBHPOJTUJD
FGGFDUT
PG

IBSNGVM
BMHBF
PO
NPSUBMJUZ
PG
"

OBVQMJJ
EVSJOH
CPUI
UFSOBSZ
NJYUVSF

BOE
UIF
CJOBSZ
DPNCJOBUJPOT
*U
IBT

FDPMPHJDBM
TJHOJGJDBODF
XIFO
FWBMVBUF

UIF
SJTL
PG
IBSNGVM
CMPPNT
JO
OBUVSBM
,&:803%4
FOWJSPONFOU
)BSNGVM
BMHBF
CMPPNT
"SUFNJB
GSBODJTDBOB
1IZUPQMBOLUPO
GVODUJPOBM
HSPVQT
$PNCJOBUJPO
JOEFY

%FUBJMT
PO
1BHF
 5PYJDJUZ


*OUSPEVDUJPO TBMJOBT

CVU
BMTP
JO
OBUVSBM
MBLFT
BOE
MBHPPOT
BOE
UJEBM

QPOET <>
) ZQFSTBMJOF
FDPTZTUFNT
PG
CPUI
NBSJOF
BOE




)ZQFSTBMJOF
FOWJSPONFOUT
BSF
JNQPSUBOU
OBUVSBM
BTTFUT
PG
DPOUJOFOUBM
JOQVUT
BSF
FTTFOUJBM
JOUFHSBM
BOE
EZOBNJD

DPOTJEFSBCMF
FDPOPNJD
FDPMPHJDBM
TDJFOUJGJD
BOE
OBUVSBM
QBSU
PG
UIF
CJPTQIFSF
XIJMF
UIF
CJPHFPDIFNJDBM
QSPDFTTFT

WBMVF
5IFTF
FDPTZTUFNT
TQBO
MBSHF
BSFBT
XPSMEXJEF
OPU
PDDVSSJOH
JO
UIFJS
VOJRVF
FDPTZTUFNT
IBWF
DPOTJEFSBCMF

POMZ
JO
TBMU
QSPEVDUJPO
BSFBT
TPMBS
TBMU
XPSLT
TBMUFSOT
PS
FOWJSPONFOUBM
TPDJBM
BOE
FDPOPNJD
WBMVFT<>

$PSSFTQPOEJOH
BVUIPS
%S
4FCBTUJáO
4áODIF['PSUúO
%FQBSUNFOU
PG
5PYJDPMPHZ
"SUJDMF
IJTUPSZ

BOE
1IBSNBDPMPHZ
'BDVMUZ
PG
7FUFSJOBSZ
4DJFODFT
$PNQMVUFOTF
6OJWFSTJUZ
TO
1VFSUB
3FDFJWFE

.BS

EF
)JFSSP
"WF

.BESJE
4QBJO 3FDFJWFE
JO
SFWJTFE
GPSN

.BZ
OE
SFWJTFE
GPSN

.BZ
SE
SFWJTFE
GPSN

.BZ






5FM
 "DDFQUFE

+VO







&NBJM
GPSUVO!VDNFT "WBJMBCMF
POMJOF

+VO





'PVOEBUJPO
1SPKFDU
4VQQPSUFE
CZ
4QBOJTI
(PWFSONFOU
$5.

BOE
UIF

.FYJDBO
6.4/)
6OJWFSTJUZ
$*$

ϱ͘ϰ͘^>/E/dz,E'^EK^DKd/^dZ^^/EDZ/E
W,zdKW>E<dKE^W/^͘

 

ϲϵ

 

ϳϬ

 Elsevier Editorial System(tm) for Journal of Experimental Marine Biology and Ecology
Manuscript Draft

Manuscript Number: JEMBE-D-15-00264

Title: Salinity changes and osmotic stress in marine phytoplankton species

Article Type: Full Length Article

Keywords: Marine phytoplankton; Low-salinity stress; Growth; Photosynthesis; Respiration

Corresponding Author: Prof. Sebastián Sánchez-Fortún, Ph.D.

Corresponding Author's Institution: Complutense University

First Author: Ana D'ors, MVD

Order of Authors: Ana D'ors, MVD; M. Carmen Bartolomé, Ph.D.; Sebastián Sánchez-Fortún, Ph.D.

Abstract: The short-term effect of low salinity was estudied using laboratory protocols in some coastal
phytoplancton species like chlorophicea Tetraselmis suecica, diatom Nitzschia N1c1 and
dinoflagellates Alexandrium minutum and Prorocentrum lima. All of cultures were exposed to low
salinity rates, and cell growth rate, photosynthetic quantum yield (ΦPSII), and gross photosynthesis
(Pg) were analyzed. Growth rate inhibition was similar in all species, and all of them tolerate also
short-term exposures to salinities in the range 5-35 PSU. There were no significant differences
between ΦPSII and Pg endpoints from T. suecica and Nitzschia sp., while A. minutum and P. lima
displayed higher affectation rate on Pg than on ΦPSII activity. The influence of low salinity was higher
on respiration in T. suecica, while in both dinoflagellates were higher in net photosynthesis. Nitzschia
sp. exhibited similarly involvement of the two photosynthetic parameters. Therefore, although the four
phytoplankton monocultures studied are able to survive in internal areas of estuaries under low
salinity conditions, the photosynthetic activity is more affected than the growth rate in all
phytoplankton communities studied except in chlorophicea T. suecica, which tolerate better this
salinity drops.
*Highlights (for review)

Highlights

Marine phytoplankton tolerates short-term exposures to salinities in the range 5-35 PSU

Short-term low salinity does not stop the survival upstream of toxic marine microalgae

Low salinity equally alters photosynthesis and cell growth in Tetraselmis suecica

Harmful algae exposed to low salinity show different Pg and ΦPSII activity response

In low salinity conditions, O2 production-consumption ratio varies depending to specie

*Manuscript
Click here to view linked References

1 Salinity changes and osmotic stress in marine phytoplankton species

3 D’ors, A.1; Bartolomé, M.C.2; Sánchez-Fortún, S.1*

1
5 : Department of Toxicology and Pharmacology, Faculty of Veterinary Medicine,

6 Universidad Complutense de Madrid, Avda. Puerta de Hierro s/n, 28040 Madrid, Spain.
2
7 : School of Chemistry-Pharmacobiology, Michoacana de San Nicolás de Hidalgo

8 University, 43 Santiago Tapia St., 58000 Morelia (Michoacán), Mexico.

10

11

12

13

14

15

16 *: Corresponding author:

17 Dr. Sebastián Sánchez-Fortún

18 Dpto. Toxicología y Farmacología, Fac. Veterinaria, U.C.M. 28040 Madrid, Spain

19 Tlf: +34913943841

20 E-mail: fortun@ucm.es

21
 2

22 ABSTRACT

23

24 The short-term effect of low salinity was estudied using laboratory protocols in

25 some coastal phytoplancton species like chlorophicea Tetraselmis suecica, diatom

26 Nitzschia N1c1 and dinoflagellates Alexandrium minutum and Prorocentrum lima. All

27 of cultures were exposed to low salinity rates, and cell growth rate, photosynthetic

28 quantum yield (ΦPSII), and gross photosynthesis (Pg) were analyzed. Growth rate

29 inhibition was similar in all species, and all of them tolerate also short-term exposures

30 to salinities in the range 5-35 PSU. There were no significant differences between ΦPSII

31 and Pg endpoints from T. suecica and Nitzschia sp., while A. minutum and P. lima

32 displayed higher affectation rate on Pg than on ΦPSII activity. The influence of low

33 salinity was higher on respiration in T. suecica, while in both dinoflagellates were

34 higher in net photosynthesis. Nitzschia sp. exhibited similarly involvement of the two

35 photosynthetic parameters. Therefore, although the four phytoplankton monocultures

36 studied are able to survive in internal areas of estuaries under low salinity conditions,

37 the photosynthetic activity is more affected than the growth rate in all phytoplankton

38 communities studied except in chlorophicea T. suecica, which tolerate better this

39 salinity drops.

40

41

42 Key words: Marine phytoplankton; Low-salinity stress; Growth; Photosynthesis;

43 Respiration.

44

45

46
 3

47 1. Introduction

48

49 Osmotic stress is one of the most significant abiotic cellular stresses and affects

50 every aspect of plant physiology and metabolism. The physiological and biochemical

51 responses are extensively studied to understand how algae respond and adapt to salinity

52 changes (Kirst 1990).

53 In estuaries, the tides cycle usually extends inland the influence of salinity. As a

54 result, the upper reaches of estuaries are freshwater systems characterized by the

55 presence of a tidal regime, the freshwater tidal reaches (Muylaert et al. 2005). While

56 several detailed phytoplankton studies have been carried out in the brackish reaches of

57 some rivers (Soetaert et al. 1993; Van Spaendonk et al. 1993; Kromkamp and Peene

58 1995), there are only a few information of to marine phytoplankton physiological

59 responses in the freshwater tidal reaches, with comparison among growth,

60 photosynthesis and respiration.

61 In the particular case of estuaries, the continuous river-sea transition and the tidal

62 influence are considered the main determining features of the phytoplankton biomass

63 distribution (Calliari et al. 2005; Domingues et al. 2005; Hagy III et al. 2005).

64 Although, local physic-chemical and biological factors such as water column depth,

65 light availability, nutrient turnover, grazing pressure and species-specific interactions

66 could eventually mask the effect of the longitudinal hydrological gradient (Lucas et al.

67 1999; Kocum et al. 2002).

68 The estuarine circulation is a common phenomenon in all estuaries (Day et al.

69 1989). This circulation has been shown to be responsible for the transport of

70 phytoplankton (Tyler and Seliger 1978; Malone et al. 1980) from coastal waters into

71 estuaries. Thus, the upper reaches of estuaries are often characterized by massive
 4

72 phytoplankton blooms (Moon and Dunstan 1990; Cole et al. 1992; Kies 1997; Muylaert

73 et al. 2005).

74 The development of models aimed at predicting bloom development and toxicity,

75 which will aid coastal resource managers in their efforts to mitigate the wide ranging

76 effects of harmful algal blooms, is currently a global research emphasis. However, the

77 available field data indicate that bloom toxicity for various harmful algal species can

78 vary considerably depending on the physiological status of the algal cells (Anderson et

79 al. 1990; Poulton et al. 2005) and thereby influence the severity of a bloom event.

80 Multiple physic-chemical factors (e.g. temperature, salinity, nutrients) have been

81 reported to change the production of most algal toxins in both laboratory and field

82 populations (Granéli and Turner 2006). In order to predict better bloom toxicity, it is

83 essential to understandhow andwhat this variables modulate biosynthesis and

84 intracellular accumulation of these toxins.

85 Blooms of toxic phytoplankton have been always associated with the estuarine

86 coastal regions (Larocque and Cembella 1990; Lim and Ogata 2005). Giacobbe et al.

87 (1996) showed that the spring blooms of the dinoflagelate Alexandrium minutum in

88 Mediterranean Sea coincided with the increase in rainfall and freshwater runoff that

89 increased the stratification of the water column. Similar findings were obtained in

90 studies with diatoms (Doucette et al. 2008) or Prorocentrum spp (Morton et al. 1992)

91 blooms under conditions of low salinity.

92 These data seem to establish a relationship between salinity levels in the aquatic

93 environment and the potential risk from toxic phytoplankton blooms and, interestingly,

94 all these species were found in or close to estuarine regions. Alexandrium minutum was

95 found in estuarine semi-enclosed lagoon where blooms of this species caused one

96 casualty and six persons were hospitalized (Lim et al. 2002); Prorocentrum limablooms
 5

97 generally occur in zones affected by freshwater inputs (large deltas, estuaries, fjords,

98 lagoons) and/or anthropogenic inputs (Grzebyk and Berland 1996); and Thessen et al.

99 (2005) reported an abundance of diatoms in coastal areas where salinity varied widely.

100 The goal of this study was to experimentally test the hypotheses that the physiology

101 of some common phytoplankton species is significantly influenced by tidal salinity

102 changes, and if there are differences between toxic and non-toxic species. Experiments

103 were conducted to test the inhibitory effects of low salinity on growth rate,

104 photosynthesis and respiration.

105

106 2. Methods

107

108 2.1. Cultures

109 The marine microalga Tetraselmis spp is a convenient model for physiological

110 and biochemical studies of the mechanisms of the adaptation to salinity (Strizh et al.

111 2004), and for the maintenance of cellular ion homeostasis in particular when they are

112 exposed to decreasing salinity concentrations. Therefore this specie was included in this

113 study together with the three other toxic algae. Furthermore, Tetraselmis spp grows

114 naturally in estuaries, and high tolerance to low salinity is expected. Because diatoms

115 are the major group of photoautotrophic organisms inhabiting intertidal fine sediments

116 in estuaries (Underwood et al. 1998), we have included the strain Nitzschia sp. N1c1 as

117 a benthonic phytoplankton representative of them. Finally, we have included two

118 representative harmful bloom-forming species, Prorocentrum lima and Alexandrium

119 minutum, involved in diarrheic (DSP) and paralytic (PSP) shellfish poisons,

120 respectively.
 6

121 Strains of chlorophicea, Tetraselmis suecica, (non-toxic) diatom, Nitzschia N1c1

122 (toxic), and dinoflagellates Alexandrium minutum and Prorocentrum lima (toxic) were

123 obtained from algal culture collection of Genetics, Faculty of Veterinary, Complutense

124 University, Madrid, Spain. Cells were axenically grown in cell-culture flasks with 20

125 mL of artificial seawater (30 PSU) enriched with F-2 medium (Sigma-Aldrich Chemical

126 Co., St. Louis, MO, USA), at 20 ºC and a photon irradiance of 60 µmol m -2 s-1 over the

127 waveband 400-700 nm, in a 16:8 h light-dark photoperiod. Cells were maintained in

128 mid-log exponential growth by serial cell transfers to fresh medium. Prior to the

129 experiments, the culture cells were recloned (by isolating a single cell) to assure genetic

130 homogeneity in all the cultures.

131 Inoculations were taken from precultures set up three days before the experiment

132 and cultured/grown under the same conditions.

133

134 2.2. Toxicity tests

135 Sea salt (free from nitrate, phosphate and silicate) was purchased from SERA®

136 (Heinsberg, Germany). It was dissolved in distilled water. Because SERA® sea salt

137 consists of many different compounds that are present at a wide range of concentrations,

138 the results presented in this work will be expressed as practical salinity units (PSU), in

139 order to simplify the presentation of our data.

140 Toxicity test were performed to determine the inhibitory effects of low salinity on

141 algal growth, protosynthetic quantum yield and light-dark balance of oxygen at different

142 salinites. The tests were performed in sterile 5 mL polystyrene culture tubes (Sarstedt

143 Co., Nümbrecht, Germany) filled with F-2 medium. Previous studies determined the

144 suitability for using polystyrene culture tubes in toxicity assays, assuring that chemicals

145 and cells do not adhere to the wall tubes (Costas et al. 2001; García-Villada et al. 2002).
 7

146 The water used for media preparation was of ultrapure quality, distilled by means of

147 Milli-Q device (Millipore, Bedford, MA, USA) and sea salt was added to culture

148 medium. Four sea salt concentrations (10, 15 20, and 25 PSU), as well as four controls

149 (30 PSU), were established and tested. In addition, as an internal quality control for test

150 the cultures, the bioassays were also performed on the reference chemical potassium

151 dichromate (K2Cr2O7), and each assay was repeated eight times (n=8). Both control and

152 test tubes were inoculated with 104 cells mL−1 as initial concentration.

153 All the cultures (control and treatments) were incubated for 72 h at 20 °C in a

154 thermostatically controlled chamber (Velp Scientifica, Usmate, Italy) at 60 μmol m−2 s−1

155 to ensure exponential algal growth. Every 24 h the algal density was quantified under

156 the light microscope with a Neubauer’s chamber.

157 The concentration causing 50% growth inhibition of algae was determined by using

158 light microscope and Neubauer’s chamber (Brand, Wertheim, Germany). The quantity

159 causing 50% inhibition of photosynthetic quantum yield (ΦPSII) was obtained by means

160 of the dual-channel PAM chlorophyll fluorometer (ToxY-PAM, Heinz Walz GmbH,

161 Germany). The ToxY-PAM dual-channel yield analyser obtains highly sensitive

162 measurements of effective quantum yield of the algae pigment system II centres via

163 assessment of the chlorophyll fluorescence yield and the saturation pulse method

164 (Schreiber et al, 2002).The light-dark oxygen balance was analysed using a Clark-type

165 O2 electrode. Dissolved O2 was measured in a 1 mL reaction chamber from a Chlorolab

166 2 System (Hansatech, Norfolk, UK). Chlorolab 2. This system allows the study of

167 respiration and photosynthesis from liquid samples, under automated illumination from

168 red (660 nm) LED light and darkness. In the toxicity assays, measurements were taken

169 at 20 °C and 975 μmol m−2s−1 irradiance. Light-dark oxygen balance, or gross

170 photosynthesis rate (Pg) was estimated from the formula:

 8

171 Pg = Pn + R

172 where Pg corresponds to the oxygen production rate in light conditions, R (respiration)

173 corresponds to the process by which microalgal cells consume oxygen and releases

174 carbon dioxide in darkness conditions, and Pn (net photosynthesis rate) is defined as the

175 difference between Pg and R.

176 These parameters (growth rate, ΦPSII activity and Pg) were used as toxic endpoints

177 and expressed as 72-h median inhibition concentration [IC50(72)] percentages.

178

179 2.3. Data analysis

180

181 The 72-h inhibitory concentrations of salinity on growth rate, protosynthetic

182 quantum yield and gross protosynthesis were expressed as 72h IC50 values. These

183 values were calculated according to the area under the curve method prescribed by the

184 ISO (ISO 8692 1982). IC50-values were determined by nonlinear regression analysis,

185 and all the results are presented as mean±sd.

186 The ΦPSII activity was monitored on the software package ToxyWin v1.14

187 (Heinz Walz GmbH, Germany), and the results are presented as mean±sd of inhibition

188 percentage with regard to control. Oxygen measurements obtained both in darkness and

189 in light conditions, were exported to a computerized chart recorder (Oxigraph v1.01,

190 Hansatech, Norfolk, UK).

191 Statistical analysis was performed using the computer software package

192 GraphPad Prism v5.0 (Graph-Pad Software Inc., USA). The experimental data was

193 analysed by one way analysis of variance (ANOVA) and the differences were

194 considered significant at p<0.05.

195
 9

196 3. Results

197

198 The IC50(72) values of growth rate, protosynthetic quantum yield and gross

199 protosynthesis corresponding to the different phytoplankton species used in this study

200 are summarized in Table 1. Analysis of these data shown that there are significant

201 differences interspecies depending of the parameter analyzed. Thus, when growth rate is

202 analyzed, there were no statistically significant differences between them, obtaining

203 median values of 6.63, 5.57, 8.47 and 10.67 PSU from T. suecica, Nitzschia N1c1, A.

204 minutum and P. lima, respectively. However, the IC50(72) values of ΦPSII activity were

205 found to be significantly different between the dinoflagellate P. lima (14.69 PSU) and

206 the other 3 species, T. suecica (7.23 PSU), Nitzschia N1c1 (9.28 PSU) and A. minutum

207 (9.70 PSU). Significant differences were also found between the IC50(72) values of gross

208 photosynthesis (Pg) of the two dinoflagellates, P. lima (22.54 PSU) and A. minutum

209 (18.28 PSU) compared to the values of the diatom N1c1 (10.51 PSU) and the

210 chlorophicea T. suecica (7.80 PSU). Significant difference were also found between the

211 IC50(72) values of the gross photosynthesis (18.28 PSU) and these of the growth rate

212 (8.47 PSU) and photosynthetic quantum yield (9.70 PSU) for the dinoflagelate, P lima.

213 A similar significant effect was found for the dinoflagelate A. minutum, with the IC50(72)

214 values of the gross photosynthesis (22.54 PSU) being significantly different from the

215 values of the growth rate (10.67 PSU) and ΦPSII activity(14.69 PSU).

216 Comparison between linear regressions obtained for each one of the parameters

217 tested (Figure 1) shown individual differences depending of the specie analyzed. :

218 Comparison of linear regressions on toxicity assays of the chlorophicea T. suecica show

219 no significant differences for growth rate, photosynthetic quantum yield and gross

220 photosynthesis (Figure 1a). However, the analysis of these parameters on Nitzschia
 10

221 N1c1 shows how this diatom exhibits greater sensitivity in photosynthetic activity

222 towards declining salinity concentrations, while growth rates are less affected (Figure

223 1b).

224 In both dinoflagellate species, in addition to exhibiting significant differences

225 between growth and photosynthetic activity parameters, these differences were also

226 evident when ΦPSII and Pg were compared. In both A. minutum (Figure 1c) as P. lima

227 (Figure 1d) cell populations, the reduction of salt levels in culture medium induced

228 more evident drops on Pg than on ΦPSII.

229 Similarly, our results also show that the cell populations from the four

230 phytoplankton species exhibited different low salinity stress levels when production

231 (light phase, Pg) and consumption (dark phase, R) of oxygen were compared (Figure 2).

232 While the reduction of salt levels in culture medium mainly affected negatively

233 respiration (R) of T. suecica cell populations (Figure 3a), the dinoflagellate A minutum

234 and the diatom exhibit a higher impact in both photosynthetic parameters (Figure 3b and

235 3c). Only respiration is negatively affected for the dinoflagellate P lima (Figure 3d).

236

237 4. Discussion

238

239 Salinity is known to be an important abiotic factor affecting phytoplankton growth.

240 Different studies have demonstrated that, based on the determination of the optimal

241 salinity for growth of different species, coastal species are more euryhaline than oceanic

242 species (Brand 1984; Bolzano et al. 2011).

243 A reduction in salinity has a negative effect on the growth of brackish water

244 phytoplankton but different algal groups may be affected in a different way by a salinity

245 reduction. Within the brackish reaches of the estuary, different salinity zones containing
 11

246 specific phytoplankton communities can often be discerned (Lionard et al. 2005). This

247 indicates that different brackish water phytoplankton species have different salinity

248 tolerances. Therefore, we can expect some algal groups to be more sensitive to a salinity

249 reduction than others, and dependents on the stratification of the water column.

250 The results of this experiment demonstrated a high efficiency of the mechanisms

251 for the maintenance of ion homeostasis in T. suecica cells under conditions of low

252 salinity. (see Figure 2) Plasma membrane Na+-transporting systems can be involved in

253 this process providing for both passive (uptake by the cell) and active (export from the

254 cell) Na+ transport (Pagis et al. 2001).

255 Comparison of the growth rate and photosynthetic activity between T suecica and

256 the toxic dinoflagellates and diatom species, showed that the chlorophicea was better

257 able to survive in low salinities. Comparative analysis among harmful algae showed that

258 the Nitzschia strain N1c1 had a better general accommodation (G and Pg) to reduced

259 salinity than the dinoflagellates studied. These results are consistent with the

260 observations made by different authors, which show that diatoms were found to be the

261 dominant phytoplankton group in the freshwater tidal reaches (Muylaert et al. 1997;

262 Muylaert et al. 2000).

263 Alexandrium minutum exhibited strong salinity tolerance, with a range from 5 to 30

264 PSU. This is not surprising as the species was isolated from an estuarine lagoon with

265 salinity fluctuation between approximately 10 and 25 PSU. As is often the case, species

266 that tolerated low salinity can also tolerate very high salinity (Taylor and Pollingher

267 1987). The growth rates, however, were slightly lower than those reported for the same

268 specie (Cannon 1993; Chang and McClean 1997; Grzebyk et al. 2003).

269 Experimental studies have shown that Prorocentrum spp can grow over a broad

270 salinity range. Although natural blooms of Prorocentrum spp occur across a wide
 12

271 salinity range, in many studies bloom outbreaks have been correlated with declining

272 salinities usually associated with freshwater inputs (Méndez, 1993; Cabrini, 1995;

273 Glibert et al. 2001). Our results are in agreement with those obtained by these authors,

274 with grow data less affected than other parameters. However, Hajdu et al. (2005)

275 reported that Baltic clones grew between 30 and 600 mM, but exhibited optimal growth

276 at 260-290 mM; and Tango et al. (2005) found in Chesapeake Bay high density blooms

277 in salinity levels of 85-170 mM. Our results are in disagreement with these data

278 because, applying these salinity levels to our results, the values considered as optimal

279 by Hajdu et al. (2005) will induce between 28% and 34% of cell growth inhibition, and

280 a decrease in cell density between 50% and 80% in the Prorocentrum spp blooms

281 studied in Chesapeake Bay.

282 While T. suecica and Nitzschia N1c1 cells exhibited similar behavior when both

283 photosynthetic parameters (Pg and ΦPSII) were compared, there were significant

284 differences between them of A. minutum and P. lima cell assays (Figure 2). These

285 differences were more evident when the two parameters related with gross

286 photosynthesis (R and Pn) are analyzed (Figure 3). Thus, while reduction of salinity on

287 T. suecica and P. lima cell populations showed a higher degree of involvement on

288 respiration rate, Nitzschia N1c1 and A. minutum cell populations exhibited a higher

289 impact on Pn rate.

290 These results shown that, although direct comparisons are sometimes difficult due

291 to the variety of methods and metrics used, there appear to be no consistent patterns in

292 photosynthetic responses to salinity variations for all phytoplankton communities

293 existent in estuarine ecosystems.

 13

294 Our results respect to the different responses of algal photosynthetic activity

295 demonstrate their species-specific response to low-salinity stress of different severity

296 and, possibly, species-specific mechanisms of osmotic acclimation.

297 Special consideration has the fact that there is no statistical differences between

298 growth rate, photosynthetic quantum yield and gross photosynthesis due to exposures

299 on the chlorophicea T. suecica to low salinity conditions. The best accommodation of

300 these microalgae to short-term episodes of low salinity in estuarine environments may

301 provide an advantage over harmful phytoplankton communities. However, some authors

302 report the occurrence of harmful algae blooms under low salinity. According to Heil et

303 al. (2005), Prorocentrum spp. blooms were able to survive in low to moderate salinities,

304 and Thessen et al. (2005) obtained similar results in Nitzschia spp. communities. Thus,

305 further studies in low-salinity and blooms must be undertaken for a better understanding

306 of the presence of phytoplankton species in estuarine ecosystems. Maybe discrepancies

307 between studies can be explained by inter-strain variability since strains from different

308 geographical areas can present different adaptation capacities.

309 The mechanisms of the effect of low salinity on photosynthesis in marine

310 planktonic algae remain unclear. In particular, metabolic processes underlying fixation

311 in certain algal species under reduced salinities of 15-20 PSU are not known. Some

312 authors believe that it is possible that the increased rate of photosynthetic carbon

313 fixation can be due to metabolite regulation mechanisms involved in chloroplast protein

314 synthesis (Semenenko 1978), while other authors suggest that photosynthates such as

315 glucose act as a corepressor, and chloroplast proteins would be expressed when the

316 quantities of the effector metabolite will be insufficient for both cytoplasmic processes

317 and synthesis of storage polysaccharides in chloroplasts (Radchenko and Il’yash 2006).

318 Our results does not show any increase in photosynthesis rate, contrary to this studies.
 14

319 This cell metabolism rearrangement can take place after desalination to a lower

320 level (critical salinity and below). However, the death of cells with lost membrane

321 integrity was similar to those observed after exposure to other unfavorable factors

322 (Veldhuis et al. 2001), causing a decrease the specific rate of the photosynthetic ratio in

323 microalgal culture below the control level, which was observed in other microalgae

324 (Radchenko and Il’yash 2006).

325

326 5. Conclusions

327

328 In summary, the results obtained in this study designed to assess short-term salinity

329 responses, show that salinity decrease in culture medium induce a similarly

330 concentration-dependent inhibition in the four cell planktonic algae. Nevertheless, all of

331 them tolerate short-term exposures to salinities in the range 5-35 PSU, which can be

332 explained by the osmotic acclimation exhibited by these phytoplankton communities.

333 Since this results shows a higher variability in the response to low salinity, is

334 required more data in other toxic and non-toxic species, to improve the knowledge in

335 marine phytoplankton ecology and physiology, in estuarine and other brackish

336 environments.

337

338 Acknowledgements

339

340 This study has been supported by Spanish Government (CTM2012-34757) and

341 the Mexican UMSNH University (CIC/11/301). The technical support of Juan José

342 Garcia and Lara de Miguel is kindly acknowledged.

343
 15

344 References

345

346 Anderson, D.M., Kulis, D.M., Sullivan, J.J., Hall, S., Lee, C., 1990. Dynamics and

347 physiology of saxitoxin production by the dinoflagellates Alexandrium spp. Mar.

348 Biol. 104, 511-524.

349 Bolzano, S., Sarno, D., Kooistra, W.H.C.F., 2011. Effects of salinity on the growth rate

350 and morphology of ten Skeletonema strains. J. Plankton Res. 33, 937-945.

351 Brand, L.E., 1984. The salinity tolerance of forty-six marine phytoplankton isolates.

352 Estuar. Coast Shelf Sci. 18, 543-56.

353 Cabrini, M., Cataletto, B., Ganis, P., Pecchiar, I., Fonda Umani, S., 1995. Relationships

354 between toxic phytoplankton and environmental factors in the Gulf of Trieste:

355 multifactorial analysis. In: Lassus, P., Arzul, G., Erard-Le Denn, E., Gentien, P.,

356 Marcaillou-Le Baut, C. (Eds.), Harmful Marine Algal Blooms. Lavoisier, Paris,

357 pp. 139-144.

358 Calliari, D., Gómez, M., Gómez, N., 2005. Biomass and composition of the

359 phytoplankton in the Río de La Plata: large-scale distribution and relationship

360 with environmental variables during a spring cruise. Cont. Shelf Res. 25, 197-210.

361 Cannon, J.A., 1993. Growth in culture of toxic dinoflagellate Alexandrium minutum

362 from the Port River, South Australia, In: Smayda, T.J., Shimizu, Y. (Eds.), Toxic

363 Phytoplankton Blooms in the Sea. Elsevier, Amsterdam, pp. 741-745.

364 Chang, F.H., McClean, M., 1997. Growth response of Alexandrium (Dinophyceae) as a

365 function of three different nitrogen sources and irradiance. N. Z. J. Mar.

366 Freshwater Res. 31, 1-7.

 16

367 Cole, J.J., Caraco, N.F., Peierls, B.L., 1992. Can phytoplankton maintain a positive

368 carbon balance in a turbid, freshwater, tidal estuary? Limnol. Oceanogr. 37, 1608-

369 1617.

370 Costas, E., Carrillo, E., Ferrero, M., Agrelo, M., García-Villada, L., Juste, J., López-

371 Rodas, V., 2001. Mutation of algae from sensitivity to resistance against

372 environmental selective agents: the ecological genetics of Dictiosphaerium

373 chlorelloides (Cholophyceae) under lethal doses of 3-(3,4-dichlorophenyl)-1,1-

374 dimethyluera herbicide. Phycologia 40, 391-398.

375 Day, J.W., Hall, C.A.S., Kemp, W.M., Yáñez-Arancibia, A., 1989. Estuarine ecology.

376 John Wiley, London, 400 pp.

377 Domingues, R.B., Barbosa, A., Galvão, H., 2005. Nutrients, light and phytoplankton

378 succession in a tempertate estuary (the Guadiana, South-western Iberia). Est.

379 Coast Shelf Sci., 64, 249-260.

380 Doucette, C.J., King, K.L., Thessen, A.E., Dortch, Q., 2008. The effect of salinity on

381 domoic acid production by the diatom Pseudo-Nitzschia multiserie. Nova

382 Hedwigia Beiheft 133, 31-46.

383 García-Villada, L., López-Rodas, V., Bañares, E., Flores-Moya, A., Agrelo, M., Martín-

384 Otero, L., Costas, E., 2002. Evolution of microalgae in highly-stressing

385 environments: an experimental model analysing the rapid adaptation of

386 Dictiosphaerium chlorelloides (Cholophyceae) from sensitivity to resistance

387 mutations. J. Phycol. 38, 1074-1081.

388 Giacobbe, M.G., Oliva, F.D., Maimone, G., 1996. Environmental factors and seasonal

389 occurrence of the dinoflagellate Alexandrium minutum, a PSP potential producer,

390 a Mediterranean lagoon. Estuarine, Coastal Shelf Sci. 42, 539-549.

 17

391 Glibert, P.M., Magnien, R., Lomas, M.W., Alexander, J., Fan, C., Haramoto, E., Trice,

392 M., Kana, T.M. 2001. Harmful algal blooms in the Chesapeake and Coastal Bays

393 of Maryland, USA: comparison of 1997, 1998, and 1999 events. Estuaries 24,

394 875-883.

395 Granéli, E., Flynn, K., 2006. Chemical and physical factors influencing toxin content.

396 In: E Granéli and JT Turner (eds) Ecology of harmful algae. Ecological studies

397 189, 229-241. Springer-Verlag, Berlin.

398 Grzebyk, D., Béchemin, C., Ward, C.J., Vérité, C., Codd, G.A., Maestrini, S.Y., 2003.

399 Effects of salinity and two coastal waters on the growth and toxin content of the

400 dinoflagellate Alexandrium minutum. J. Plank. Res. 25, 1185-1199.

401 Grzebyk, D., Berland, B., 1996. Influences of temperature, salinity and irradiance on

402 growth of Prorocentrum minimum (Dinophyceae) from the Mediterranean Sea. J.

403 Plank. Res. 18, 1837-1849.

404 Hajdu, S., Pertola, S., Kuosa, H., 2005. Prorocentrum minimum (Dinophyceae) in the

405 Baltic Sea: its occurrence and morphology. Harmful Algae 4, 471-480.

406 Hagy, III, J.D., Boynton, W.R., Jasinski, D.A., 2005. Modelling phytoplankton

407 deposition to Chesapeake Bay sediments during winter-spring: interannual

408 variability in relation to river flow. Estuar. Coast Shelf Sci. 62, 25-40.

409 Heil, C.A., Glibert, P.M., Fan, C., 2005. Prorocentrum minimum (Pavillard) Schiller - a

410 review of a harmful algal bloom species of growing worldwide importance.

411 Harmful Algae 4, 449-470.

412 Kies, L., 1997. Distribution, biomass and production of planctonic and benthic algae in

413 the Elbe estuary. Limnologica 27, 55-64.

414 Kirst, G.O., 1990. Salinity tolerance of eukaryotic marine algae. Ann. Rev. Plant

415 Physiol. Plant Mol. Biol. 40,21-53.

 18

416 Kocum. E., Nedwell. D.B., Underwood, G.J.C. 2002. Regulation of phytoplankton

417 primary production along a hypernutrified estuary. Mar. Ecol. Prog. Ser. 231, 13-

418 22.

419 Kromkamp, J., Peene, J., 1995. On the possibility of net primary production in the

420 turbid Schelde estuary (SW Netherlands). Marine Ecol. Progr. Series 121, 249-

421 259.

422 Larocque, R., Cembella, A.D. 1990. Ecological parameter associated with the seasonal

423 ocrrence of Alexandrium spp. and consequent shellfish toxicity in the lower St.

424 Lawrence estuary (East Canada), In: Granéli, E.P., Sundström, B., Edler, L.,

425 Anderson, D.M. (Eds.), Toxic Marine Phytoplankton. Elsevier, New York, pp.

426 368-373.

427 Lim, P.T., Leaw, C.P., Usup, G., 2002. First paralytic shellfish poisoning in the east

428 coast of Peninsula Malaysia, Asia Pacific Conference on Marine Science and

429 Technology, Kuala Lumpur, Abstract 2002.

430 Lim, P.T., Ogata, T., 2005. Salinity effect on growth and toxin production of four

431 tropical Alexandrium species (Dinophyceae). Toxicon 45, 699-710.

432 Lionard, M., Muylaert, K., Van Gansbeke, D.V., Vyverman, W., 2005. Influence of

433 changes in salinity and light intensity on growth of phytoplankton communities

434 from the Schelde river and estuary (Belgium/The Netherlands). Hydrobiologia

435 540, 105-115.

436 Lucas, L.V., Koseff, J.R., Cloern, J.E., Monismith, S.G., Thompson, J.K., 1999.

437 Processes governing phytoplankton blooms in estuaries I: The local production-

438 loss balance. Mar. Ecol. Prog. Ser. 187, 1-15.

 19

439 Malone, T.C., Neale, P.J., Boardman, D., 1980. Influences of estuarine circulation on

440 the distribution and biomass of phytoplankton size fractions. In: Kennedy, V.

441 (ed.), Estuarine Perspectives. Academic Press, New York. pp. 249-262.

442 Méndez, S.M., 1993. Uruguayan red tide monitoring programme: preliminary results

443 (1990–1991). In: Smayda, T.J., Shimizu, Y. (Eds.), Toxic Phytoplankton Blooms

444 in the Sea. Elsevier, Amsterdam, pp. 287-291.

445 Moon, C., Dunstan, W.M., 1990. Hydrodynamic trapping and the formation of the

446 chlorophyll a peak in the turbid, very low salinity waters of estuaries. J. Plankton

447 Res. 12, 323-336.

448 Mortonl S.L., Norris, D.R., Bomber, J.W. 1992. Effect of temperature, salinity and light

449 intensity on the growth and seasonality of toxic dinoflagellates associated with

450 ciguatera. J. Exp. Mar. Biol. Ecol. 157, 79-90.

451 Muylaert, K., Sabbe, K., Vyverman, W., 2000. Spatial and temporal dynamics of

452 phytoplankton communities in a freshwater tidal estuary (Schelde, Belgium).

453 Estuar. Coast Shelf Sci. 50, 673-687.

454 Muylaert, K., Tackx, M., Vyverman, W., 2005. Phytoplankton growth rates in the

455 freshwater tidal reaches of the Schelde estuary (Belgium) estimated using a

456 simple light-limited primary production model. Hydrobiologia 540, 127-140.

457 Muylaert, K., Van Kerkvoorde, A., Vyverman, W., Sabbe, K., 1997. Structural

458 characteristics of phytoplankton assemblages in tidal and non-tidal freshwater

459 systems: a case-study from the Schelde basin. Freshwater Biol. 38, 263-276.

460 Ozturk, Z.N., Talame, V., Deyholos, M., Michalowski, C.B., Galbraith, D.W.,

461 Gozukirmizi, N., Tuberosa, R., Bohnert, H.J., 2002. Monitoring large-scale

462 changes in transcript abundance in drought- and salt-stressed barley. Plant Mol.

463 Biol. 48, 551-573.

 20

464 Pagis, L.Y., Popova, L.G., Andreev, I.M., Balnokin, Y.V., 2001. Ion specificity of Na+-

465 transporting systems in the plasma membrane of the halotolerant alga Tetraselmis

466 (Platymonas) viridis Russ. J. Plant Physiol. 48, 281-286.

467 Poulton, N.J., Keafer, B.A., Anderson, D.M., 2005. Toxin variability on

468 naturalpopulations of Alexandrium fundyense in Casco Bay, Maine -evidence of

469 nitrogen limitation- Deep Sea-Res. II 52, 2501-2521.

470 Radchenko, I.G., Il’yash, L.V., 2006. Growth and Photosynthetic Activity of Diatom

471 Thalassiosira weissflogii at Decreasing Salinity. Plant Physiol. 33, 242-247.

472 Semenenko, V.E., 1978. Molecular Biological Aspects of Endogenous Regulation of

473 Photosynthesis. Fiziol. Rastenii. 25, 903-921.

474 Schreiber, U., Mueller, J.F., Haugg, A., Gademann, R., 2002. New type of dual-channel

475 PAM chlorophyll fluorometer for highly sensitive water toxicity biotests.

476 Photosynth. Res. 74, 317-330.

477 Soetaert, K., Van Rijswijk, P., 1993. Spatial and temporal patterns of the zooplankton in

478 the Westerschelde estuary. Marine Ecol. Progr. Series 97, 47-59.

479 Strizh, I.G., Popova, L.G., Balnokin, Y.V., 2004. Physiological aspects of adaptation of

480 the marine microalga Tetraselmis (Platymonas) viridis to various salinity media.

481 Rus. J. Plant Physiol. 51, 176-182.

482 Tango, P.J., Magnien, R., Butler, W., Lacouture, R., Sellner, K., Glibert, P.,

483 Luckenbach, M., Poukish, C., Luckett, C., 2005. Characterization of impacts and

484 potential effects due to Prorocentrum minimum blooms in Chesapeake Bay.

485 Harmful Algae 4, 525-531.

486 Taylor, F.J.R., Pollingher, U., 1987. Ecology of dinoflagellates, In: Taylor, F.J.R. (Ed.),

487 The Biology of Dinoflagellates. Blackwell, London, pp. 399-529.

 21

488 Thessen, A.E., Dortch, Q., Parsons, M.L., Morrison, W., 2005. Effect of salinity on

489 Pseudo-Nitzschia species (Bacillariophyceae) growth and distribution. J. Phycol.

490 41, 21-49.

491 Tyler, M.A., Seliger, H.H., 1978. Annual subsurface transport of a red tide

492 dinoflagellate to its bloom area: water circulation patterns and organism

493 distributions in the Chesapeake Bay. Limnol. Oceanogr. 23, 227-246.

494 Underwood, G., Phillips, J., & Saunders, K., 1998. Distribution of estuarine benthic

495 diatom species along salinity and nutrient gradients, Eur. J. Phycol. 33, 173-183.

496 Van Spaendonk, J.C.M., Kromkamp, J., De Visscher, P.R.M., 1993. Primary production

497 of phytoplankton in a turbid coastal plain estuary (The Netherlands). Netherlands

498 J. Sea Res. 31, 267-279.

499 Veldhuis, M.J.W., Kraay, G.W., Timmermans, K.R., 2001. Cell death in phytoplankton:

500 correlation between changes in membrane permeability, photosynthetic activity,

501 pigmentation and growth. Eur. J. Phycol. 36, 167-177.

Figure Captions

Figure captions

Figure 1. Linear regressions corresponding to growth rate (˜), photosynthetic

quantum yield activity (▲) and gross photosynthesis (u) inhibitory response induced

on Tetraselmis suecica (a), Nitzschia N1c1 (b), Alexandrium minutum (c) and

Prorocentrum lima (d) communities exposed to decreasing concentrations of salinity in

the culture media. Points represent means with vertical lines showing standard deviation

(n=8).

Figure 2. Graphics representing oxygen levels recorded with Clark electrode during

dark (▼) and light (Ñ) phases which were subjected the seawater phytoplankton

Tetraselmis suecica (a), Nitzschia N1c1 (b), Alexandrium minutum (c) and

Prorocentrum lima (d) communities exposed to decreasing concentrations of salinity in

the culture media.

Figure 3. Maximum rate of net photosynthesis (Pn) and dark respiration rate (R) plotted

against the selected concentrations of salinity applied in toxicity assays on Tetraselmis

suecica (a), Nitzschia N1c1 (b), Alexandrium minutum (c) and Prorocentrum lima (d)

communities. Bars represent means with vertical lines showing standard deviation

(n=8). Asterisks (*) represent significant differences (p<0.05) between Pn and R.

Figure 1
Click here to download high resolution image
Figure 2
Click here to download high resolution image
Figure 3
Click here to download high resolution image
Table 1

Table 1. 72-h median inhibitory concentration of salinity [IC50(72)] and their

corresponding confidence limits (CL95%) of growth rate (G), photosynthetic quantum

yield activity (ΦPSII) an gross photosynthesis (Pg), obtained in the nontoxic green

microalgae Tetraselmis suecica, in the harmful diatom Nitzschia (N1c1) and in the

harmful dinoflagellates Alexandrium minutum and Prorocentrum lima. Each IC50(72)

value was obtained from the values obtained in 8 replicates (n=8) and are expressed in

PSU.

IC50(72) (CL 95%)

Organism n
G ΦPSII Pg

Tetraselmis suecica 8 6.63 7.23 7.80

(4.24-10.42) (6.03-8.57) (5.28-12.19)

Nitzschia (N1c1) 8 5.57 9.28 10.51

(4.93-6.02) (8.22-10.54) (9.49-11.83)

Alexandrium minutum 8 8.47 9.70 18.28a*

(5.54-11.10) (7.75-12.39) (16.11-21.34)

Prorocentrum lima 8 10.67 14.69ab 22.54ab*

(9.60-11.78) (13.58-15.81) (20.28-25.00)

ab
: Significant differences (p<0.05) respect to values corresponding to Tetraselmis
suecica (a) and Nitzschia (N1c1) (b), respectively.
*: Significant differences (p<0.05) respect to values corresponding to growth and ΦPSII.
ϱ͘ϱ͘Z/^<^^K/dt/d,dKy/>KKD^K&DZ/EW,zdKW>E<dKE
&hEd/KE>'ZKhW^KEZdD/&ZE/^E͘

 

ϵϵ

 

ϭϬϬ

 256 © IWA Publishing 2012 Journal of Water and Health | 10.2 | 2012

Importance of strain type to predict the toxicological risk

associated with Microcystis aeruginosa blooms:
comparison of Microtox® analysis and immunoassay
A. D’ors, M. C. Bartolomé and S. Sánchez-Fortún

ABSTRACT
A. D’ors
The occurrence of toxic cyanobacterial blooms in aquatic environments, associated with human
S. Sánchez-Fortún (corresponding author)
health problems and animal deaths, has increased the need for rapid, reliable and sensitive methods Dpto. Toxicología y Farmacología,
Facultad de Veterinaria,
to determine the toxicity of microcystin produced by cyanobacteria. An in vitro Microtox® system Universidad Complutense de Madrid,
Avenida Puerta de Hierro, s/n,
and a commercially available microcystin ELISA were used to screen out the potential risk associated 28040 Madrid,
Spain
with selected Microcystis aeruginosa strains (Ma1D–Ma8D). Results showed the existence of three
E-mail: fortun@vet.ucm.es
differentiated groups in the selected M. aeruginosa strains. Strains Ma7D and Ma6D were
M. C. Bartolomé
determined to be very toxic, strains Ma2D, Ma1D and Ma5D as moderately toxic and strains Ma8D, Facultad de Quimicofarmacología,
Universidad Michoacana de San Nicolás de
Ma4D and MA3D as non-toxic. These results agreed with the microcystin concentration values Hidalgo,
W
Calle Santiago Tapia, n 43,
obtained by immunoassay. Although the data obtained by other authors clearly show that Microtox® 58000 Morelia (Michoacán),
México
is not sensitive to microcystins, our results suggested that this bioluminescence assay may prove
useful in the preliminary screening of cyanobacterial blooms for microcystin-based toxicity.
Additionally, the combination of immunodetection and toxicity-based Microtox® provides a useful
addition to the methods already available for detection of cyanobacterial toxins.
Key words | environmental risk, immunoassay, Microcystis aeruginosa strains, Microtox®,
toxigenicity

INTRODUCTION

Some species and strains within the freshwater cyanobacterial health by skin contact and ingestion (Falconer ).
(blue-green algal) genera Microcystis, Oscillatori, Anabaena Weather factors, such as temperature (15–30 C), windless
W

and Nostoc are known to produce cyclic heptapeptide
liver toxins (Carmichael ). Microcystins are the most
common group of hepatotoxins. To date, over 80 structural var-
iants have been characterized from field samples or isolated
strains (Krüger et al. ). Cyanobacterial toxins can cause ill-
ness and death in animals such birds and fish (Codd et al. ;
Carmichael ). Consumption of both cyanobacteria and
water containing released toxins may cause poisoning. The
lethal dose depends on the type of cyanobacterial toxins and
species of cyanobacteria, as well as on the age, weight and
gender of the exposed organism (Palus et al. ).
Toxic cyanobacterial blooms in waterbodies used for
recreation and drinking constitute hazards to human
weather and water pH (pH 6–9), also play an important
role in the formation of algal blooms (Palus et al. ).
Up to 50% of natural blooms reported in many European
countries are related to freshwater cyanobacterial species.
Of these, at least 25% were considered toxic (WHO ).
One of the first difficulties encountered in confirming a
toxic algal bloom is distinguishing it from a non-toxic one.
This is because the same species may produce both toxic
and non-toxic strains (Volterra et al. ). Environmental
factors may affect microcystin production in Microcystis cul-
tures by a factor of 3 to 4 (Sivonen & Jones ). However,
the capability for microcystin production as such is geneti-
cally determined. Strains isolated from the same bloom

doi: 10.2166/wh.2012.081
 

ϲ͘/^h^/ME

ϭϬϳ

 ǀĞƌLJƐĐŝĞŶƚŝĨŝĐƐƚĂƚĞŵĞŶƚŝƐƉƌŽǀŝƐŝŽŶĂů͘WŽůŝƚŝĐŝĂŶƐŚĂƚĞƚŚŝƐ͘,ŽǁĐĂŶĂŶLJŽŶĞƚƌƵƐƚ
ƐĐŝĞŶƚŝƐƚƐ͍/ĨŶĞǁĞǀŝĚĞŶĐĞĐŽŵĞƐĂůŽŶŐ͕ƚŚĞLJĐŚĂŶŐĞƚŚĞŝƌŵŝŶĚƐ͘ 

dĞƌƌLJWƌĂƚĐŚĞƚƚ͘

ϲ͘ϭ&>KZD/EdK^z^>/E/͘
ŶůŽƐĞƐƚƵĂƌŝŽƐĞŶĐŽŶƚƌĂŵŽƐƵŶŵĂƉĂĚĞƐĂůŝŶŝĚĂĚĐŽŵƉůĞũŽ͘ŶůĂƐnjŽŶĂƐŵĄƐĂůƚĂƐ
ŽďƐĞƌǀĂŵŽƐ ĂŐƵĂƐ ĐŽŶ ĐŽŶĐĞŶƚƌĂĐŝŽŶĞƐ ƐŝŵŝůĂƌĞƐ Ă ůĂƐ ĚĞ ůĂ ĨƵĞŶƚĞ ĚĞ ĂŐƵĂ ĚƵůĐĞ͕
ŶŽƌŵĂůŵĞŶƚĞ Ğů ƌşŽ͘ Ŷ ůĂƐ njŽŶĂƐ ŵĄƐ ďĂũĂƐ ůĂ ƐĂůŝŶŝĚĂĚ ƐĞ ĂƐĞŵĞũĂ Ă ůĂ ĚĞ ůĂƐ ĂŐƵĂƐ
ĐŽƐƚĞƌĂƐ͕ĞdžŝƐƚŝĞŶĚŽƚŽĚŽƵŶŐƌĂĚŝĞŶƚĞŚŽƌŝnjŽŶƚĂůLJĞƐƚƌĂƚŝĨŝĐĂĐŝſŶǀĞƌƚŝĐĂůĞŶƚƌĞƵŶĂƐLJ
ŽƚƌĂƐ͘ WŽƌ ƷůƚŝŵŽ͕ Ăů ƐĞƌ ĄƌĞĂƐ ĚĞ ŐƌĂŶ ĞdžƚĞŶƐŝſŶ LJ ďĂũĂ ƉƌŽĨƵŶĚŝĚĂĚ͕ ůĂ ĞǀĂƉŽƌĂĐŝſŶ
ũƵĞŐĂ ƵŶ ŝŵƉŽƌƚĂŶƚĞ ƌŽů ĞŶ ůĂ ĐŽŵƉŽƐŝĐŝſŶ ĚĞů ĂŐƵĂ͕ ĨŽƌŵĄŶĚŽƐĞ ŐƌĂŶĚĞƐ njŽŶĂƐ
ŚŝƉĞƌƐĂůŝŶĂƐĐŽŶƐƵďŝŽŵĂĂƐŽĐŝĂĚŽ͘

,ĞŵŽƐĐŽŶƐŝĚĞƌĂĚŽĞƐƚƵĚŝĂƌůĂƐǀĂƌŝĂĐŝŽŶĞƐĚĞƐĂůŝŶŝĚĂĚĞŶĞƐƚĂƚĞƐŝƐƉŽƌƐĞƌƵŶĨĂĐƚŽƌ
ĐůĂǀĞĞŶůĂĚŝƐƚƌŝďƵĐŝſŶĚĞůĨŝƚŽƉůĂŶĐƚŽŶ͕LJĂƋƵĞƉĞƋƵĞŹŽƐĐĂŵďŝŽƐĞŶůĂĐŽŶĐĞŶƚƌĂĐŝſŶ
ƐĂůŝŶĂ ƉƵĞĚĞŶ ƐƵƉŽŶĞƌ ŐƌĂŶĚĞƐ ƌĞƚŽƐ ƉĂƌĂ ůŽƐ ŽƌŐĂŶŝƐŵŽƐ ƋƵĞ ŚĂďŝƚĂŶ ůĂƐ ĄƌĞĂƐ
ĐŽƐƚĞƌĂƐ;tŝŬŶĞƌĂŶĚŶĚĞƌƐŽŶ͕ϮϬϭϮͿ͘>ĂĞdžƉŽƐŝĐŝſŶĂƵŶĂŵĂLJŽƌĐŽŶĐĞŶƚƌĂĐŝſŶƐĂůŝŶĂ
ƉƵĞĚĞ ŝŶĚƵĐŝƌ ĞĨĞĐƚŽƐ ĚŝƌĞĐƚŽƐ Ž ŝŶĚŝƌĞĐƚŽƐ ĞŶ ůĂ ƐƵƉĞƌǀŝǀĞŶĐŝĂ͕ ŵĞƚĂďŽůŝƐŵŽ͕
ĐƌĞĐŝŵŝĞŶƚŽ͕ ƌĞƉƌŽĚƵĐĐŝſŶ LJͬŽ ďĂůĂŶĐĞ ŽƐŵſƚŝĐŽ ĚĞ ůĂƐ ĞƐƉĞĐŝĞƐ ĂĐƵĄƚŝĐĂƐ͘ ;<ŝŶŶĞ͕
ϭϵϵϯͿ͘ dƌĂďĂũĂŶĚŽ ĐŽŶ ůĂ ĐůŽƌŽĨŝƚĂ ŝĐƚLJŽƐƉŚĞƌŝƵŵ ĐŚůŽƌĞůůŽŝĚĞƐ LJ ůĂ ĐŝĂŶŽďĂĐƚĞƌŝĂ
DŝĐƌŽĐLJƐƚŝƐĂĞƌƵŐŝŶŽƐĂďƵƐĐĂŵŽƐƐĂďĞƌƐŝĞdžŝƐƚĞŶĚŝĨĞƌĞŶĐŝĂƐƐŝŐŶŝĨŝĐĂƚŝǀĂƐĞŶĐƵĂŶƚŽĂ
ůĂƐĞŶƐŝďŝůŝĚĂĚŚĂĐŝĂůĂƐĂůĚĞĂŵďĂƐĞƐƉĞĐŝĞƐ͖LJƐŝĞůĂƵŵĞŶƚŽĚĞƐĂůŝŶŝĚĂĚĂĨĞĐƚĂŵĄƐ
Ăů ĐƌĞĐŝŵŝĞŶƚŽ Ž Ă ůĂ ĨŽƚŽƐşŶƚĞƐŝƐ͕ ĚŝƐƚŝŶŐƵŝĞŶĚŽ ĞŶ Ğů ĐĂƐŽ ĚĞ ůĂ ĞƵĐĂƌŝŽƚĂ ĞŶƚƌĞ
ĨŽƚŽƐŝƐƚĞŵĂƐ / LJ //͘ dŽĚĂƐ ĞƐƚĂƐ ƉŽƐŝďůĞƐ ƐŝƚƵĂĐŝŽŶĞƐ ĂĨĞĐƚĂƌĄŶ Ă ůĂ ƉƌĞƐĞŶĐŝĂ LJ
ĚŝƐƚƌŝďƵĐŝſŶĚĞĞƐƉĞĐŝĞƐĨŽƚŽƐŝŶƚĠƚŝĐĂƐƚƌĂƐƵŶĐĂŵďŝŽĞŶůĂƐĂůŝŶŝĚĂĚ͕ĂůĂĐŽŵƉŽƐŝĐŝſŶ
ĞŶůĂĚŝĞƚĂĚĞůnjŽŽƉůĂŶĐƚŽŶLJƉŽƌƚĂŶƚŽĂƐƵƐŝŶƚĞƌĂĐĐŝŽŶĞƐLJƌĞĚĞƐƚƌſĨŝĐĂƐ͘

>ŽƐƌĞƐƵůƚĂĚŽƐŽďƚĞŶŝĚŽƐƉĂƌĞĐĞŶŝŶĚŝĐĂƌƋƵĞůĂĐŝĂŶŽďĂĐƚĞƌŝĂĞƐŵĄƐƐĞŶƐŝďůĞĂůĞƐƚƌĠƐ
ƐĂůŝŶŽ ƋƵĞ ůĂ ĞƵĐĂƌŝŽƚĂ͕ Ɛŝ ďŝĞŶ Ğů ĂƵŵĞŶƚŽ ĚĞ ƐĂůŝŶŝĚĂĚ ĚŝƐŵŝŶƵLJĞ ůĂ ƉƌŽĚƵĐĐŝſŶ ĚĞ
ŽdžşŐĞŶŽ ĞŶ ĂŵďĂƐ͘ ƐƚŽƐ ĚĂƚŽƐ ŐƵĂƌĚĂŶ ĐŽƌƌĞůĂĐŝſŶ ĐŽŶ ůŽƐ ŽďƚĞŶŝĚŽƐ ƉŽƌ ǀŽŶ
ůǀĞŶƐůĞǀĞŶĞƚĂů͘;ϮϬϭϯͿƋƵŝĞŶĞƐƚĂŵďŝĠŶŽďƚƵǀŝĞƌŽŶĂůƚĂƐƚŽůĞƌĂŶĐŝĂƐĂƐĂůŝŶŝĚĂĚ;ϮͲ

ϭϬϴ

ϯϲ ƉƉƚͿ ĞŶ ůĂ ĐůŽƌŽĨŝƚĂ WŝĐŽĐŚůŽƌƵŵ ĂƚŽŵƵƐ͕ ƉĞƌŵŝƚŝĞŶĚŽ Ğů ƚƌĂƚĂŵŝĞŶƚŽ ĐŽŶ ƐĂů ĞŶ
ĐŽŶƚĂŵŝŶĂĐŝŽŶĞƐƉŽƌĐŝĂŶŽďĂƚĞƌŝĂƐĚĞůŽƐĐƵůƚŝǀŽƐĚĞĂůŐĂƐǀĞƌĚĞƐ;ĐůŽƌŽĨŝƚĂƐͿ͘

hŶ ďůŽŽŵ Ž ĂĨůŽƌĂŵŝĞŶƚŽ ƚſdžŝĐŽ ĚĞ ĐŝĂŶŽďĂĐƚĞƌŝĂƐ ƉƵĞĚĞ ĂĨĞĐƚĂƌ Ăů njŽŽƉůĂŶĐƚŽŶ ŶŽ
ƐſůŽ ƉŽƌ Ğů ƌŝĞƐŐŽ ĚĞ ůĂ ƉƌŽƉŝĂ ƚŽdžŝŶĂ ƐŝŶŽ ƚĂŵďŝĠŶ ƉŽƌ ĐĂŵďŝŽƐ ĞŶ ůĂ ĞƐƚƌƵĐƚƵƌĂ LJ
ĐŽŵƉŽƐŝĐŝſŶĚĞůĨŝƚŽƉůĂŶĐƚŽŶ͕ƋƵĞĂĨĞĐƚĞŶĂůĂƐĞƐƉĞĐŝĞƐĚĞůĂƐƋƵĞƐĞĂůŝŵĞŶƚĂŶ͘Ɛş͕
ĂŶƚĞ ƵŶ ĞƐĐĞŶĂƌŝŽ ĚĞ ĂƵŵĞŶƚŽ ;ŶĂƚƵƌĂů Ž ĂƌƚŝĨŝĐŝĂůͿ ĞŶ ůĂ ĐŽŶĐĞŶƚƌĂĐŝſŶ ƐĂůŝŶĂ͕ ĞƐ ĚĞ
ĞƐƉĞƌĂƌ ƋƵĞ ůĂ ĐůŽƌŽĨŝƚĂ ;͘ ĐŚŽƌĞůůŽŝĚĞƐͿ ŶŽ ƚſdžŝĐĂ ƐĞ ǀĞĂ ŵĞŶŽƐ ĂĨĞĐƚĂĚĂ ƋƵĞ ůĂƐ
ĐŝĂŶŽďĂĐƚĞƌŝĂƐ ĐĂƵƐĂŶƚĞƐ ĚĞů ĂĨůŽƌĂŵŝĞŶƚŽ ;D͘ ĂĞƌƵŐŝŶŽƐĂͿ͕ ƉŽƌ ůŽ ƋƵĞ ŶŽ ƉĂƌĞĐĞ
ƉƌŽďĂďůĞ ƋƵĞ Ğů ĨŝƚŽƉůĂŶĐƚŽŶ ƚſdžŝĐŽ ĚĞƐƉůĂnjĂƌĂ Ăů ŚĂďŝƚƵĂů Ŷŝ ĐŽŵƉƌŽŵĞƚŝĞƌĂ ůĂ
ĂůŝŵĞŶƚĂĐŝſŶĚĞůĂƐĂƌƚĞŵŝĂƐ͕ĂƵŶƋƵĞƚĂŶƚŽĞůĐƌĞĐŝŵŝĞŶƚŽĐŽŵŽůĂĨŽƚŽƐşŶƚĞƐŝƐĚĞ͘
ĐŚůŽƌĞůůŽŝĚĞƐĚŝƐŵŝŶƵLJĂŶůŝŐĞƌĂŵĞŶƚĞ͘ŶĞůĐĂƐŽĚĞůĞƐƚƵĂƌŝŽĚĞŽŹĂŶĂǀŝŵŽƐƋƵĞůĂ
ŝŶĨůƵĞŶĐŝĂ ĚĞ ůĂƐ ŵĂƌĞĂƐ ĂďĂƌĐĂ ŚĂƐƚĂ ϴϵ <ŵ ƌşŽ ĂƌƌŝďĂ ;ǀĞƌ /ŶƚƌŽĚƵĐĐŝſŶͿ͕ ƉŽƌ ůŽ ƋƵĞ
ĞƐƚĂƐĂůŝŶŝĚĂĚĂƵŵĞŶƚĂĚĂĞƐƵŶĂĐŝƌĐƵŶƐƚĂŶĐŝĂĨƌĞĐƵĞŶƚĞ͘^ŝŶĞŵďĂƌŐŽ͕ĞŶŵŽŵĞŶƚŽƐ
ĚĞŐƌĂŶĚĞƐƉƌĞĐŝƉŝƚĂĐŝŽŶĞƐ͕ĞƐƉĞĐŝĂůŵĞŶƚĞƐŝĐŽŝŶĐŝĚĞŶĐŽŶůĂďĂũĂŵĂƌ͕ĞƐƚĂƚĞŶĚĞŶĐŝĂ
ƉƵĞĚĞ ŝŶǀĞƌƚŝƌƐĞ ĂƵŵĞŶƚĂŶĚŽ Ğů ƌŝĞƐŐŽ ĚĞ ƋƵĞ ƐĞ ƉƌŽĚƵnjĐĂŶ ĂĨůŽƌĂŵŝĞŶƚŽƐ͘ Ɛ
ŝŵƉŽƌƚĂŶƚĞƐĞŹĂůĂƌƋƵĞĞŶĞƐƚĂƐĐŽŶĚŝĐŝŽŶĞƐ;ŝŶĐƌĞŵĞŶƚŽĚĞůĂĞŶƚƌĂĚĂĚĞĂŐƵĂĚƵůĐĞͿ
ůĂ ĞƐƚƌĂƚŝĨŝĐĂĐŝſŶ ĚĞ ůĂ ĐŽůƵŵŶĂ ĚĞ ĂŐƵĂ ƐĞ ĂĐĞŶƚƷĂ͕ ĚŝǀŝĚŝĠŶĚŽƐĞ ĐůĂƌĂŵĞŶƚĞ ĞŶ ƵŶĂ
njŽŶĂ ƐƵƉĞƌŝŽƌ ŵĄƐĨĂǀŽƌĂďůĞ ;ĐŽŶ ŵĞŶŽƌ ƐĂůŝŶŝĚĂĚ LJŵĂLJŽƌ ŝŶƚĞŶƐŝĚĂĚĚĞ ůƵnj ƐŽůĂƌͿ LJ
ƵŶĂŝŶĨĞƌŝŽƌŵĄƐĚĞƐĨĂǀŽƌĂďůĞ͘ŶĞƐƚĞĞƐĐĞŶĂƌŝŽ͕ůĂƐĐŝĂŶŽďĂĐƚĞƌŝĂƐƚŝĞŶĞŶǀĞŶƚĂũĂLJĂ
ƋƵĞ ŐƌĂĐŝĂƐ Ă ƵŶ ŵĞĐĂŶŝƐŵŽ ĚĞ ĐŽůĞĐĐŝſŶ ĚĞ ǀĞƐşĐƵůĂƐ ĚĞ ŐĂƐ ĞŶ Ğů ĐŝƚŽƉůĂƐŵĂ ƋƵĞ
ƉƵƐŝĞƌŽŶĚĞŵĂŶŝĨŝĞƐƚŽĞƌǀĂƵdžĞƚĂů͘;ϮϬϭϱͿƉƵĞĚĞŶƐŝƚƵĂƌƐĞĞŶůĂnjŽŶĂƐƵƉĞƌŝŽƌĚĞůĂ
ĐŽůƵŵŶĂĚĞĂŐƵĂĐŽŶŵĂLJŽƌĨĂĐŝůŝĚĂĚƋƵĞůĂƐĐŝĂŶŽĨŝƚĂƐ͕ůŽƋƵĞĨĂǀŽƌĞĐĞƐƵĞdžƉĂŶƐŝſŶLJ
ƉƌŽĚƵĐĞ ƵŶ ĞĨĞĐƚŽ ƐŽŵďƌĂ ƋƵĞ ĚŝĨŝĐƵůƚĂ Ğů ĐƌĞĐŝŵŝĞŶƚŽ ĚĞů ĨŝƚŽƉůĂŶĐƚŽŶ ƐŝƚƵĂĚŽ ĞŶ ůĂ
njŽŶĂŝŶĨĞƌŝŽƌĚĞůĂĐŽůƵŵŶĂĚĞĂŐƵĂ͘

ĚĞŵĄƐ͕ ŐƌĂĐŝĂƐ Ă ƐƵ ĂůƚĂ ƚĂƐĂ ĚĞ ĚƵƉůŝĐĂĐŝſŶ͕ ůĂ ƉŽďůĂĐŝſŶ ƐĞ ƌĞŶƵĞǀĂ ƌĄƉŝĚĂŵĞŶƚĞ
ĂƵŵĞŶƚĂŶĚŽ ůŽƐ ƌĞƋƵĞƌŝŵŝĞŶƚŽƐ ĚĞ ŽdžşŐĞŶŽ ;ƋƵĞ ƐĞ ĂŐŽƚĂŶͿ LJ ƉƌŽĚƵĐŝĞŶĚŽ ƵŶĂ ŐƌĂŶ
ĐĂŶƚŝĚĂĚĚĞƌĞƐŝĚƵŽƐƋƵĞĂůƐĞƌĐŽŶƐƵŵŝĚŽƐƉŽƌůĂƐďĂĐƚĞƌŝĂƐŵƵůƚŝƉůŝĐĂŶĞƐƚĞĞĨĞĐƚŽ͘

ϭϬϵ

 

&/'hZϲ͘ϭ;Ϳs^1h
/'hZϲ͘ϭ;Ϳs^1h>^'^EdW//EKdZ/^

ŶĐƵĂŶƚŽĂůĞĨĞĐƚŽƚſdžŝĐŽĚĞůĂƐŵŝĐƌŽĐŝƐƚŝŶĂƐƐŽď
ŶĐƵĂŶƚŽĂůĞĨĞĐƚŽƚſdžŝĐŽĚĞůĂƐŵŝĐƌŽĐŝƐƚŝŶĂƐƐŽďƌĞĞůďƌĂŶƋƵŝſƉŽĚŽ͕ůŽƐƌĞƐƵůƚĂĚŽƐ
ƌĞĞůďƌĂŶƋƵŝſƉŽĚŽ͕ůŽƐƌĞƐƵůƚĂĚŽƐ
ĚĞ ŶƵĞƐƚƌŽ ƐĞŐƵŶĚŽ ĂƌƚşĐƵůŽ ĐŽŶĐůƵşĂŶ ƋƵĞ ŶŽ ŚĂďşĂ
ŚĂďşĂ ĚŝĨĞƌĞŶĐŝĂƐ ƐŝŐŶŝĨŝĐĂƚŝǀĂƐ ĞŶ ůĂ
ĞdžƉŽƐŝĐŝſŶ Ă ĐŝĂŶŽďĂĐƚĞƌŝĂƐ ĞŶƚĞƌĂƐ Ž Ă ƐƵƐ ĞdžƚƌĂĐƚŽƐ͕
ĞdžƚƌĂĐƚŽƐ͕ ƉŽƌ ůŽ ƋƵĞ ĂƵŶƋƵĞ ůĂƐ
ƉƌŽĐĂƌŝŽƚĂƐ ǀĞĂŶ ĂĨĞĐƚĂĚŽ ƐƵ ŵĞƚĂďŽůŝƐŵŽ͕ ƐĞ ůŝƐĞŶ ƉŽƌ ƉƌĞƐŝſŶ ŽƐŵſƚŝĐĂ Ž ŵƵĞƌĂŶ͕
ŚĂďƌşĂƵŶĂǀĞŶƚĂŶĂĚĞƚŝĞŵƉŽ͕ǀĂƌŝĂďůĞƐĞŐƷŶůŽƐĨĂ
ŚĂďƌşĂƵŶĂǀĞŶƚĂŶĂĚĞƚŝĞŵƉŽ͕ǀĂƌŝĂďůĞƐĞŐƷŶůŽƐĨĂĐƚŽƌĞƐĨşƐŝĐŽͲƋƵşŵŝĐŽƐLJĚŝŶĄŵŝĐĂƐ
ƋƵşŵŝĐŽƐLJĚŝŶĄŵŝĐĂƐ
ĚĞůĞĐŽƐŝƐƚĞŵĂ͕ĚƵƌĂŶƚĞůĂĐƵĂůƉĞƌƐŝƐƚŝƌşĂĞůƌŝĞƐŐŽƉĂƌĂĞůnjŽŽƉůĂŶĐƚŽŶLJƚĂŵďŝĠŶƉĂƌĂ
ĚĞůĞĐŽƐŝƐƚĞŵĂ͕ĚƵƌĂŶƚĞůĂĐƵĂůƉĞƌƐŝƐƚŝƌşĂĞůƌŝĞƐŐŽƉĂƌĂĞůnjŽŽƉůĂŶĐƚŽŶLJƚĂŵďŝĠŶƉĂƌĂ
ĞůƌĞƐƚŽĚĞůĂƌĞĚƚƌſĨŝĐĂ͕ƋƵĞƚĞƌŵŝŶĂƌşĂĐŽŶůĂĚĞŐƌĂĚĂĐŝſŶĚĞůĂƐƚŽdžŝŶĂƐLJͬŽĚŝůƵĐŝſŶ
ĞůƌĞƐƚŽĚĞůĂƌĞĚƚƌſĨŝĐĂ͕ƋƵĞƚĞƌŵŝŶĂƌşĂĐŽŶůĂĚĞŐƌĂĚĂĐŝſŶĚĞůĂƐƚŽdžŝŶĂƐLJͬŽĚŝůƵĐŝſŶ
ĚĞůŽƐƌĞƐƚŽƐĐĞůƵůĂƌĞƐĞŶůĂĐŽůƵŵŶĂĚĞĂŐƵĂ͘>ĂĐ ŝŐƵƌĂĐŝſŶŐĞŽŐƌĄĨŝĐĂĚĞůĞƐƚƵĂƌŝŽ͕
ĚĞůŽƐƌĞƐƚŽƐĐĞůƵůĂƌĞƐĞŶůĂĐŽůƵŵŶĂĚĞĂŐƵĂ͘>ĂĐŽŶĨŝŐƵƌĂĐŝſŶŐĞŽŐƌĄĨŝĐĂĚĞůĞƐƚƵĂƌŝŽ͕
ĞŶ ĨŽƌŵĂ ĚĞ ŵĂƌŝƐŵĂƐ ƋƵĞ ƐĞ ĞdžƚŝĞŶĚĞŶ ĞŶ ƵŶ ĄƌĞĂ ŐƌĂŶĚĞ
ŐƌĂŶĚĞ LJ ĚĞ ďĂũĂ ƉƌŽĨƵŶĚŝĚĂĚ͕
ĨĂĐŝůŝƚĂƋƵĞůŽƐƌĞƐƚŽƐĐĞůƵůĂƌĞƐ
ĨĂĐŝůŝƚĂƋƵĞůŽƐƌĞƐƚŽƐĐĞůƵůĂƌĞƐĚĞůŽƐĂĨůŽƌĂŵŝĞŶƚŽƐƐĞƐĞƋƵĞŶLJĨŽƌŵĞŶĂĞƌŽƐŽůĞƐƋƵĞ
LJĨŽƌŵĞŶĂĞƌŽƐŽůĞƐƋƵĞ
ƉƵĞĚĂŶƐĞƌĂƌƌĂƐƚƌĂĚŽƐƉŽƌĞůǀŝĞŶƚŽ͕ĞdžƚĞŶĚŝĞŶĚŽů
ƉƵĞĚĂŶƐĞƌĂƌƌĂƐƚƌĂĚŽƐƉŽƌĞůǀŝĞŶƚŽ͕ĞdžƚĞŶĚŝĞŶĚŽůĂnjŽŶĂĚĞƌŝĞƐŐŽ;KD^ϮϬϭϭͿ͘
;KD^ϮϬϭϭͿ͘

'ŚĂĚŽƵĂŶŝ Ğƚ Ăů͘ LJ ŽƚƌŽƐ ĂƵƚŽƌĞƐ ƐŽƐƚŝĞŶĞŶ ƋƵĞ ĂůŐƵŶĂƐ ĞƐƉĞĐŝĞƐ ĚĞ njŽŽƉůĂŶĐƚŽŶ
nj
ƉƵĞĚĞŶ ƌĞĐŚĂnjĂƌ ĂĐƚŝǀĂŵĞŶƚĞ ůĂƐ ĐĞƉĂƐ ƚſdžŝĐĂƐ ĚĞ DŝĐƌŽĐLJƐƚŝƐ ƉŽƌ ůŽ ƋƵĞ ƐĞƌşĂ
ŶĞĐĞƐĂƌŝŽ ĞƐƚƵĚŝĂƌ ƋƵĠ ƐƵĐĞĚĞ ĞŶ ĞƐƚĞ ĐĂƐŽ͕ ƉĂƌĂ ĐĂůĐƵůĂƌ
ĐĂůĐƵůĂƌ Ğů ƌŝĞƐŐŽ ĚĞ ƌƚĞŵŝĂ ĞŶ
ĂĨůŽƌĂŵŝĞŶƚŽƐ ĚĞ ĐŽŵƉŽƐŝĐŝſŶ ŵŝdžƚĂ͕ ĐŽŶ ĐĞƉĂƐ ƉƌŽĚƵĐƚŽƌĂƐ
ƉƌŽĚƵĐƚŽƌĂƐ LJ ŶŽ ƉƌŽĚƵĐƚŽƌĂƐ ĚĞ
ƚŽdžŝŶĂƐ͘ hŶ ƚƌĂďĂũŽ
ũŽ ƉƌĞǀŝŽ Ă ĞƐƚĂ ƚĞƐŝƐ ĚŽĐƚŽƌĂů
ĚŽĐƚŽƌĂů ƌĞĂůŝnjĂĚŽ ĞŶ ŶƵĞƐƚƌŽ ůĂďŽƌĂƚŽƌŝŽ ;ǀĞƌ
&ŝŐƵƌĂ ϲ͘ϭ ;ͿͿ͕͕ ĞŶ Ğů ƋƵĞ ƐĞ ĞdžƉŽŶşĂŶ
ĞdžƉŽŶşĂŶ ůĂƐ ĂƌƚĞŵŝĂƐ Ă ƵŶĂ ŵĞnjĐůĂ ĞŶ ƉƌŽƉŽƌĐŝſŶ

ϭϭϬ

ĐƌĞĐŝĞŶƚĞ ĚĞ ĐĞƉĂƐ ƚſdžŝĐĂƐ ĚĞ D͘ ĂĞƌƵŐŝŶŽƐĂ LJ ͘ ĐŚůŽƌĞůůŽŝĚĞƐ͕ ĐŽŶĐůƵLJſ ƋƵĞ ůĂ
ŝŶƚŽdžŝĐĂĐŝſŶ ĞƌĂ ŵĞŶŽƌ Ă ůĂ ĞƐƉĞƌĂĚĂ ĐƵĂŶĚŽ ůĂƐ ĂƌƚĞŵŝĂƐ ĚŝƐƉŽŶşĂŶ ĚĞ ƵŶ ƌĞĐƵƌƐŽ
ĂůŝŵĞŶƚĂƌŝŽ ĂůƚĞƌŶĂƚŝǀŽ Ă ůĂƐ ĐŝĂŶŽďĂĐƚĞƌŝĂƐ ƚſdžŝĐĂƐ͘ WĞƌŽ ĂƵŶƋƵĞ ůŽƐ ƌĞƐƵůƚĂĚŽƐ
ĂƉƵŶƚĞŶ Ă ĐŽŶĨŝƌŵĂƌ ůĂ ŚŝƉſƚĞƐŝƐ ĚĞ 'ŚĂĚŽƵĂŶŝ ĞƐ ŝŵƉŽƌƚĂŶƚĞ ƚĞŶĞƌ ĞŶ ĐƵĞŶƚĂ ůĂ
ĚŝĨĞƌĞŶĐŝĂ ĐŽŶƐŝĚĞƌĂďůĞ ĚĞ ƚĂŵĂŹŽ ĞŶƚƌĞ ƵŶĂ ĐĠůƵůĂ ƉƌŽĐĂƌŝŽƚĂ LJ ƵŶĂ ĞƵĐĂƌŝŽƚĂ͕ ƋƵĞ
ƉĞƌŵŝƚŝƌşĂĂůĂƐĂƌƚĞŵŝĂƐĞƐƚĂďůĞĐĞƌƵŶĐƌŝƚĞƌŝŽĨĄĐŝůĚĞĚŝƐĐƌŝŵŝŶĂĐŝſŶŝŶĐůƵƐŽƉĂƐŝǀĂ͕LJĂ
ƋƵĞƐĞĂůŝŵĞŶƚĂŶƉŽƌĨŝůƚƌĂĐŝſŶĚĞůŵĞĚŝŽ͗ƐƉŽƐŝďůĞƋƵĞůĂƐĐĠůƵůĂƐŵĄƐŐƌĂŶĚĞƐ;ŶŽ
ƚſdžŝĐĂƐͿ ƋƵĞĚĞŶ ƌĞƚĞŶŝĚĂƐ LJ ĚŝŐĞƌŝĚĂƐ͕ ŵŝĞŶƚƌĂƐ ƋƵĞ ƵŶĂ ŵĂLJŽƌ ĐĂŶƚŝĚĂĚ ĚĞ
ĐŝĂŶŽďĂĐƚĞƌŝĂƐǀƵĞůǀĂŶĂƐĂůŝƌƐŝŶƐĞƌĐŽŶƐƵŵŝĚĂƐĐŽŶĞůĂŐƵĂĚĞƌĞƚŽƌŶŽ͘

hŶĂ ƉĂƌƚĞ ŝŵƉŽƌƚĂŶƚĞ ĚĞ ůĂƐ ĐŽŶĐůƵƐŝŽŶĞƐ ŽďƚĞŶŝĚĂƐ ĞƐ ůĂ ĐŽŶĨŝƌŵĂĐŝſŶ ĚĞ ƋƵĞ ŶŽ
ĞdžŝƐƚĞ ƌĞůĂĐŝſŶ ĚŝƌĞĐƚĂ ĞŶƚƌĞ ůĂ ƉƌŽĚƵĐĐŝſŶ ĚĞ ŵŝĐƌŽĐŝƐƚŝŶĂͲ>Z LJ ůĂ ĐŽŶĐĞŶƚƌĂĐŝſŶ
ĐĞůƵůĂƌ͕ƉŽƌ ůŽƋƵĞ ƉƌŽƚŽĐŽůŽƐ ďĂƐĂĚŽƐƷŶŝĐĂŵĞŶƚĞ ĞŶ ĞůŶƷŵĞƌŽŽ ĐŽŶĐĞŶƚƌĂĐŝſŶĚĞ
ĐĠůƵůĂƐ ŶŽ ƉƵĞĚĞŶ ǀĂůŽƌĂƌ ĐŽƌƌĞĐƚĂŵĞŶƚĞ Ğů ƌŝĞƐŐŽ ƚŽdžŝĐŽůſŐŝĐŽ ĚĞ ƵŶ ĂĨůŽƌĂŵŝĞŶƚŽ͘
ƐƚŽ ĞƐ ĚĞďŝĚŽ ƉƌŝŶĐŝƉĂůŵĞŶƚĞ Ă ĚŽƐ ĨĂĐƚŽƌĞƐ͗ /ŶĐůƵƐŝſŶ ĚĞ ŐĞŶŽƚŝƉŽƐ ƚſdžŝĐŽƐ LJ ŶŽ
ƚſdžŝĐŽƐ ĞŶ Ğů ĐŽŶƚĂũĞ LJ ǀĂƌŝĂďŝůŝĚĂĚ ĚĞŶƚƌŽ ĚĞ ůĂ ŵŝƐŵĂ ĐĞƉĂ ĞŶ ůĂ ƉƌŽĚƵĐĐŝſŶ ĚĞ
ŵŝĐƌŽĐŝƐƚŝŶĂ͕ďŝĞŶƌĞůĂĐŝŽŶĂĚĂĐŽŶĞůĐƌĞĐŝŵŝĞŶƚŽ͕ŽĐŽŵŽƐĞŹĂůĂŶĂƌƌŝůůŽĞƚĂů͘;ϮϬϬϯͿ
ƚƌĂƐƵŶĐĂŵďŝŽƌĞƉĞŶƚŝŶŽĞŶůĂƐĐŽŶĚŝĐŝŽŶĞƐĨşƐŝĐŽͲƋƵşŵŝĐĂƐĚĞůĂŵďŝĞŶƚĞ͘

ϭϭϭ

 

&/'hZϲ͘ϭ;ͿZ^h>dK^>^>/MEKD/WKZEhW>/K^ZdD/͘

WŽƌůŽƚĂŶƚŽ͕ƉŽĚĞŵŽƐĐŽŶĐůƵŝƌƋƵĞůĂƐnjŽŶĂƐĚĞůĞƐƚƵĂƌŝŽĐŽŶĂůƚĂƐĐŽŶĐĞŶƚƌĂĐŝŽŶĞƐĚĞ
ƐĂů;njŽŶĂƐďĂũĂƐLJĚĞĞǀĂƉŽƌĂĐŝſŶͿƚŝĞŶĞŶŵĞŶŽƐƌŝĞƐŐŽĚĞĂĨůŽƌĂŵŝĞŶƚŽƐƚſdžŝĐŽƐ͕ƋƵĞ

ϭϭϮ

ůĂƉƌĞƐĞŶĐŝĂĚĞĨŝƚŽƉůĂŶĐƚŽŶĞƵĐĂƌŝŽƚĂĞƐƵŶĨĂĐƚŽƌĚĞƉƌŽƚĞĐĐŝſŶĨƌĞŶƚĞĂůĂƚŽdžŝĐŝĚĂĚ
ĚĞůĂĨůŽƌĂŵŝĞŶƚŽĂƵŶƋƵĞƐƵĐƌĞĐŝŵŝĞŶƚŽLJĨŽƚŽƐşŶƚĞƐŝƐƐĞůŝŵŝƚĂŶ͕LJƋƵĞĚĞďŝĚŽĂůĂĂůƚĂ
ǀĂƌŝĂďŝůŝĚĂĚ ĞŶ ůĂ ƉƌŽĚƵĐĐŝſŶ ĚĞ ŵŝĐƌŽĐŝƐƚŝŶĂͲ>Z ĞƐ ŶĞĐĞƐĂƌŝĂ ƵŶĂ ĐĂƌĂĐƚĞƌŝnjĂĐŝſŶ
ĞĐŽƚŽdžŝĐŽůſŐŝĐĂ ĚĞů ĂĨůŽƌĂŵŝĞŶƚŽ ĞŶ ĨƵŶĐŝſŶ ĚĞ ůĂƐ ĐĞƉĂƐ ĚŽŵŝŶĂŶƚĞƐ ĞŶ Ġů ƉĂƌĂ
ƉƌĞĚĞĐŝƌĞůƌŝĞƐŐŽƐŽďƌĞĞůnjŽŽƉůĂŶĐƚŽŶLJƌĞƐƚŽĚĞůĂƌĞĚƚƌſĨŝĐĂ͘

ϲ͘ϮD/ZKdKyΠKDKDdKK^dEZ/K
hd/>/E&>KZD/EdK^/EKdZ/^
>ŽƐ ƐŝƐƚĞŵĂƐ ĚĞ ďŝŽůƵŵŝŶŝƐĐĞŶĐŝĂ ďĂĐƚĞƌŝĂŶĂ ;DŝĐƌŽƚŽdžΠ͕ dŽdžůĞƌƚΠ Ž ŝŽƚŽdžΠͿ ƐŽŶ
ƷƚŝůĞƐ ƉĂƌĂ ůŽƐ ĞŶƐĂLJŽƐƉƌĞůŝŵŝŶĂƌĞƐ ĚĞ ĐŽŶƚĂŵŝŶĂŶƚĞƐĞŶ Ğů ŵĞĚŝŽ ĂŵďŝĞŶƚĞ ;ĂŐƵĂLJ
ƐƵĞůŽͿ͘ ^ŽŶ ƐŝƐƚĞŵĂƐ ƐĞŶƐŝďůĞƐ Ă ůĂ ŵĂLJŽƌşĂ ĚĞ ůŽƐ ĐŽŵƉƵĞƐƚŽƐ ƚſdžŝĐŽƐ͕ ƋƵĞ ƵƚŝůŝnjĂŶ
ŽƉĞƌĂĐŝŽŶĞƐ ƐĞŶĐŝůůĂƐ LJ ĐĞƌĐĂŶĂƐ Ăů ƚŝĞŵƉŽ ƌĞĂů ;h^W ϮϬϬϰͿ͘  ƉĞƐĂƌ ĚĞ ƐƵ
ƐŝŵƉůŝĐŝĚĂĚ͕ƉĞƌŵŝƚĞŶŚĂĐĞƌƐĞƵŶĂŝĚĞĂĚĞůŝŵƉĂĐƚŽĚĞůŽƐƚſdžŝĐŽƐĞŶĞůĂŵďŝĞŶƚĞĚĞůĂ
ŵƵĞƐƚƌĂ͘hŶĞũĞŵƉůŽĚĞĞƐƚŽƐƐŝƐƚĞŵĂƐĞƐDŝĐƌŽƚŽdžΠƋƵĞƵƚŝůŝnjĂůĂďŝŽůƵŵŝŶŝƐĐĞŶĐŝĂĚĞ
sŝďƌŝŽ ĨŝƐĐŚĞƌŝŝ͘ WĞƐĞ Ă ƋƵĞ ƚŝĞŶĞ ĐŝĞƌƚĂƐ ůŝŵŝƚĂĐŝŽŶĞƐ ƉĂƌĂ ƐƵ ƵƐŽ ĞŶ ĂŵďŝĞŶƚĞƐ
ƚƌŽƉŝĐĂůĞƐLJƐƵďƚƌŽƉŝĐĂůĞƐ͕ĚĞďŝĚŽĂƋƵĞƐƵƚĞŵƉĞƌĂƚƵƌĂſƉƚŝŵĂĞƐĚĞϭϱǑLJĂƋƵĞůĂ
ůƵŵŝŶŝƐĐĞŶĐŝĂ ƐĞ ǀĞ ĂĨĞĐƚĂĚĂ Ă ƚĞŵƉĞƌĂƚƵƌĂƐ ƐƵƉĞƌŝŽƌĞƐ ;,Ăůŵŝ Ğƚ Ăů͘ ϮϬϭϰͿ͕ ŚĂ ƐŝĚŽ
ĂŵƉůŝĂŵĞŶƚĞ ƵƚŝůŝnjĂĚŽ ƉĂƌĂ ƚĞƐƚĂƌ ŵĞƚĂůĞƐ ƉĞƐĂĚŽƐ ;ŐŶŝĞƐnjŬĂ Ğƚ Ăů͘ ϮϬϭϰͿ͕
ŚŝĚƌŽĐĂƌďƵƌŽƐ ĚĞ ƉĞƚƌſůĞŽ ;,ĞŝŶůĂĂŶ Ğƚ Ăů͘ ϮϬϬϳͿ Ž ƉĞŶƚĂĐůŽƌŽĨĞŶŽů ;DƵĞůůĞƌ Ğƚ Ăů͘
ϭϵϵϭͿ͘

ƉůŝĐĂĚŽĂƐŝƐƚĞŵĂƐĚĞĂůĞƌƚĂƚĞŵƉƌĂŶĂĞŶĂĨůŽƌĂŵŝĞŶƚŽƐĚĞĐŝĂŶŽďĂĐƚĞƌŝĂƐ͕ƚŝĞŶĞƵŶĂ
ŚŝƐƚŽƌŝĂ ĚĞ ĐŽŶƚƌŽǀĞƌƐŝĂ͘ Ŷ ϭϵϵϬ͕ >ĂǁƚŽŶ Ğƚ Ăů͘ ƉƌŽƉŽŶĞŶ ƐƵ ƵƐŽ ĐŽŵŽ ĐƌŝďĂĚŽ
ƉƌĞůŝŵŝŶĂƌĞŶĂĨůŽƌĂŵŝĞŶƚŽƐĐŽŶƉĞůŝŐƌŽƐŝĚĂĚďĂƐĂĚĂĞŶůĂŵŝĐƌŽĐŝƐƚŝŶĂͲ>Z͕ƉƵďůŝĐĂŶĚŽ
ƵŶĞƐƚƵĚŝŽƋƵĞůŽĂǀĂůĂĐŽŶƐƵƐďƵĞŶŽƐƌĞƐƵůƚĂĚŽƐ;>ĂǁƚŽŶĞƚĂů͘ϭϵϵϬͿ͘^ŝŶĞŵďĂƌŐŽ͕
ĞŶ ϭϵϵϰ Ğů ŵŝƐŵŽ ĞƋƵŝƉŽ ;ĂŵƉďĞůů Ğƚ Ăů͘ ϭϵϵϰͿ ƉƵďůŝĐĂ ƵŶĂ ĐŽŵƉĂƌĂĐŝſŶ ĚĞ ĞƐƚĞ
ĞŶƐĂLJŽ ĐŽŶ ƌƚĞŵŝĂ͕ ƐŽďƌĞ ĐŝĂŶŽďĂĐƚĞƌŝĂƐ ƉƌŽĚƵĐƚŽƌĂƐ LJ ŶŽ ƉƌŽĚƵĐƚŽƌĂƐ ĚĞ
ŵŝĐƌŽĐŝƐƚŝŶĂ͕ĐŽŶĐůƵLJĞŶĚŽƋƵĞůĂŵĂLJŽƌŝŶŚŝďŝĐŝſŶĚĞůĂďŝŽůƵŵŝŶŝƐĐĞŶĐŝĂƐĞƉƌŽĚƵũŽĂů
ŝŶƚĞƌĂĐƚƵĂƌĐŽŶĐĞƉĂƐŶŽƉƌŽĚƵĐƚŽƌĂƐĚĞŵŝĐƌŽĐŝƐƚŝŶĂͲ>Z;DŝĞŶƚƌĂƐƋƵĞĞŶƌƚĞŵŝĂůĂ
ŵĂLJŽƌ ŵŽƌƚĂůŝĚĂĚ ƐĞƉƌŽĚƵũŽ ĞŶ ůĂƐ ƉƌŽĚƵĐƚŽƌĂƐͿ LJ ƋƵĞƉŽƌ ůŽ ƚĂŶƚŽ ůĂƚŽdžŝĐŝĚĂĚ ƋƵĞ
ƌĞĨůĞũĂĞůĞŶƐĂLJŽDŝĐƌŽƚŽdžΠĚĞďĞƐĞƌĞdžƉůŝĐĂĚĂĞŶďĂƐĞĂŽƚƌŽƐĐŽŵƉƵĞƐƚŽƐƉƌĞƐĞŶƚĞƐ

ϭϭϯ

ĞŶůĂƐĐŝĂŶŽďĂĐƚĞƌŝĂƐ͕ĚŝƐƚŝŶƚŽƐĂůĂŵŝĐƌŽĐŝƐƚŝŶĂͲ>Z͘KƚƌŽƐĞƐƚƵĚŝŽƐƋƵĞĐŽŵƉĂƌĂďĂŶĂ
ƐƵǀĞnjĞƐƚĂƐĚŽƐŵŝƐŵĂƐƉƌƵĞďĂƐĐŽŶĞůďŝŽĞŶƐĂLJŽĞƐƚĂŶĚĂƌŝnjĂĚŽĚĞƌĂƚſŶ;sĞnjŝĞĞƚĂů͘
ϭϵϵϲͿ ŽďƚƵǀŝĞƌŽŶ ƐŝŵŝůĂƌĞƐ ƌĞƐƵůƚĂĚŽƐ͕ ŵŽƐƚƌĂŶĚŽ ƐĞƌ Ğů ĞŶƐĂLJŽ ĐŽŶ ƌƚĞŵŝĂ ŵĄƐ
ƐŝŵŝůĂƌ Ăů ƐƚĂŶĚĂƌĚ ƋƵĞ ůĂ ďŝŽůƵŵŝŶŝƐĐĞŶĐŝĂ͘ ^ŝŶ ĞŵďĂƌŐŽ͕ DŝĐƌŽƚŽdžΠ ŚĂ ƐŝĚŽ ƵƚŝůŝnjĂĚŽ
ĐŽŶ ĠdžŝƚŽ ƉĂƌĂ ůĂ ĚĞƚĞĐĐŝſŶ ĚĞ ŽƚƌĂƐ ƚŽdžŝŶĂƐ ŶĂƚƵƌĂůĞƐ ƉƌŽĐĞĚĞŶƚĞƐ ĚĞ ŽƚƌĂƐ
ĐŝĂŶŽďĂĐƚĞƌŝĂƐ;ƌƵŶŽĞƚĂů͘ϭϵϵϰͿ͕ĚŝŶŽĨůĂŐĞůĂĚŽƐ;ƌƵŶŽĞƚĂů͘ϭϵϵϬͿƵŚŽŶŐŽƐ;ůďĂĞƚ
Ăů͘ ϮϬϬϵͿ͘ WĞƐĞ Ă ĞƐƚĂ ĨĂůƚĂ ĚĞ ĂĐƵĞƌĚŽ͕ ůĂ ďŝďůŝŽŐƌĂĨşĂ ĚŝƐƉŽŶŝďůĞ ƐŽďƌĞ ĞƐƚĞ ƚĞŵĂ ĞƐ
ďĂƐƚĂŶƚĞĞƐĐĂƐĂ͕ŶŽƉĂƌĞĐĞŚĂďĞƌƐĞƉƌŽĨƵŶĚŝnjĂĚŽĚĞŵĂƐŝĂĚŽĞŶĐƵĂŶƚŽĂĞƐƚĞƉŽƐŝďůĞ
ƵƐŽĞŶĂůĞƌƚĂƚĞŵƉƌĂŶĂĚĞƌŝĞƐŐŽĞŶĂĨůŽƌĂŵŝĞŶƚŽƐĚĞĐŝĂŶŽďĂĐƚĞƌŝĂƐ͘zƉƌĞĐŝƐĂŵĞŶƚĞ
ƉŽƌ ůĂ ƉƌŽƉŝĂ ŶĂƚƵƌĂůĞnjĂ ĚĞ ůĂ ŚĞƌƌĂŵŝĞŶƚĂ ;ƵŶ ƚĞƐƚ ĚĞ ƚŽdžŝĐŝĚĂĚ ƉĂƌĂ Ğů ƋƵĞ ŶŽ
ŶĞĐĞƐŝƚĂŵŽƐĐŽŶŽĐĞƌĐŽŶƉƌĞĐŝƐŝſŶĞůĐŽŵƉƵĞƐƚŽƋƵĞĞƐƚĂŵŽƐďƵƐĐĂŶĚŽͿŶŽƐƉĂƌĞĐĞ
ƋƵĞĞƐƷƚŝůƉŽƌƋƵĞŶŽĚĞƚĞĐƚĂƵŶĂƐŽůĂƚŽdžŝŶĂ͕ƐŝŶŽƋƵĞĂƉŽƌƚĂƵŶĂŝĚĞĂŐĞŶĞƌĂůĚĞůĂ
ƚŽdžŝĐŝĚĂĚƉƌĞƐĞŶƚĞ͕ƐŽďƌĞƚŽĚŽƚĞŶŝĞŶĚŽĞŶĐƵĞŶƚĂůĂƉƌŝŶĐŝƉĂůǀĞŶƚĂũĂĚĞĞƐƚĞĞŶƐĂLJŽ͕
ƋƵĞĞƐůĂƌĂƉŝĚĞnjĞŶůĂŽďƚĞŶĐŝſŶĚĞƌĞƐƵůƚĂĚŽƐ͕ƋƵĞƉĞƌŵŝƚĞĂĐƚƵĂƌĂŶƚĞƐLJƌĞĚƵĐŝƌůĂƐ
ƉŽƐŝďůĞƐĐŽŶƐĞĐƵĞŶĐŝĂƐĚĞůĂĨůŽƌĂŵŝĞŶƚŽ͘

^ŝŶ ƋƵĞ ĨƵĞƌĂ Ğů ŽďũĞƚŝǀŽ ƉƌŝŶĐŝƉĂů͕ ĞŶ ŶƵĞƐƚƌŽƐ ƚƌĂďĂũŽƐ ƐĞ ĂƉŽƌƚĂ ŝŶĨŽƌŵĂĐŝſŶ ƋƵĞ
ĂƵŶƋƵĞ ŶŽ ƌĞƉůŝĐĂ Ğů ĞdžƉĞƌŝŵĞŶƚŽ ĚĞ ĂŵƉďĞůů Ğƚ Ăů͘ ;ϭϵϵϰͿ ŶŽƐ ƉĞƌŵŝƚĞ ƐĂďĞƌ Ɛŝ
ĂƉŽLJĂŵŽƐ Ž ĐŽŶƚƌĂĚĞĐŝŵŽƐ ƐƵ ŚŝƉſƚĞƐŝƐ ĐŽŶ ŶƵĞƐƚƌŽƐ ĚĂƚŽƐ͘ ŽŵƉĂƌĂŵŽƐ DŝĐƌŽƚŽdžΠ
ĐŽŶ ƵŶ ŝŶŵƵŶŽĞŶƐĂLJŽ ;ŶǀŝƌŽ'ĂƌĚΠͿ ƋƵĞ ĚĞƚĞĐƚĂ ĞƐƉĞĐşĨŝĐĂŵĞŶƚĞ ŵŝĐƌŽĐŝƐƚŝŶĂ͕
ƉĞƌŵŝƚŝĠŶĚŽŶŽƐ ĐůĂƐŝĨŝĐĂƌ ĚŝĨĞƌĞŶƚĞƐ ĐĞƉĂƐ ĚĞ DŝĐƌŽĐLJƐƚŝƐ ĂĞƌƵŐŝŶŽƐĂ ĞŶ ďĂƐĞ Ă ůĂ
ƉƌŽĚƵĐĐŝſŶĚĞĞƐƚĂƚŽdžŝŶĂ͕LJĐŽŵƉƌŽďĂƌƐŝĞdžŝƐƚĞƵŶĂĐŽƌƌĞůĂĐŝſŶĞŶƚƌĞůĂŝŶŚŝďŝĐŝſŶĚĞ
ůĂ ďŝŽůƵŵŝŶŝƐĐĞŶĐŝĂ ƉƌŽĚƵĐŝĚĂ ƉŽƌ ĐĂĚĂ ƵŶĂ ĚĞ ĞƐƚĂƐ ĐĞƉĂƐ LJ ƐƵ ĐŽŶƚĞŶŝĚŽ ĞŶ
ŵŝĐƌŽĐŝƐƚŝŶĂͲ>Z͘ŶĞƐƚĞĐĂƐŽ͕ƐşƋƵĞƐĞĞŶĐŽŶƚƌſƵŶĂĐŽƌƌĞůĂĐŝſŶĞŶƚƌĞĂŵďŽƐĞŶƐĂLJŽƐ͘
hƚŝůŝnjĂŶĚŽůĂƐŵŝƐŵĂƐĐĞƉĂƐĞŶŽƚƌŽĚĞůŽƐĞŶƐĂLJŽƐƌĞĂůŝnjĂĚŽƐ͕ĐŽŵƉƌŽďĂŵŽƐƋƵĞĞƐƚĂ
ĐŽƌƌĞůĂĐŝſŶ ƐĞ ŵĂŶƚĞŶşĂ ĐƵĂŶĚŽ ƉƌŽďĄďĂŵŽƐ ƐƵ ƚŽdžŝĐŝĚĂĚ ĂŐƵĚĂ ƐŽďƌĞ ŶĂƵƉůŝŽƐ ĚĞ
ƌƚĞŵŝĂĚĞϮϰŚ͕ƉŽƌůŽƋƵĞĚŝƐĐƌĞƉĂŵŽƐĚĞůŽƐƌĞƐƵůƚĂĚŽƐŽďƚĞŶŝĚŽƐƉŽƌĞůĞƋƵŝƉŽĚĞ
ĂŵƉďĞůůLJ>ĂǁƚŽŶ;ϭϵϵϰͿLJƉŽƌĞůĚĞsĞnjŝĞ;ϭϵϵϲͿ͗EŽƐĂďĞŵŽƐƐŝůĂŝŶŚŝďŝĐŝſŶĚĞůĂ
ďŝŽůƵŵŝŶŝƐĐĞŶĐŝĂ ƐĞ ĚĞďĞ ƷŶŝĐĂŵĞŶƚĞ Ă ůĂ ŵŝĐƌŽĐŝƐƚŝŶĂ͕ ƉĞƌŽ ŶƵĞƐƚƌŽƐ ƌĞƐƵůƚĂĚŽƐ
ĂƉƵŶƚĂŶĂƋƵĞĠƐƚĂũƵĞŐĂƵŶŝŵƉŽƌƚĂŶƚĞƉĂƉĞůĞŶƐƵĂƉĂƌŝĐŝſŶ͘

ϭϭϰ

>Ă ĐůĂƐŝĨŝĐĂĐŝſŶ ĚĞ ĐƵĂůƋƵŝĞƌ ŵƵĞƐƚƌĂ ĚĞ DŝĐƌŽĐLJƐƚŝƐ ĂĞƌƵŐŝŶŽƐĂ ƉƌŽĐĞĚĞŶƚĞ ĚĞ ƵŶ
ĂĨůŽƌĂŵŝĞŶƚŽ͕ĐŽŵŽĐĞƉĂŵƵLJƚſdžŝĐĂ͕ŵŽĚĞƌĂĚĂŵĞŶƚĞƚſdžŝĐĂŽŶŽƚſdžŝĐĂ͕ƚŝĞŶĞƵŶŐƌĂŶ
ǀĂůŽƌ ĞŶ ƉƌĞĚŝĐĐŝſŶ LJ ĞǀĂůƵĂĐŝſŶ ĚĞů ƌŝĞƐŐŽ ĚĞů ďůŽŽŵ͕ ƉĞƌŵŝƚŝĞŶĚŽ ƉŽŶĞƌ ĞŶ ŵĂƌĐŚĂ
ƉƌŽƚŽĐŽůŽƐĚĞĐŽŶƚĞŶĐŝſŶLJƌĞŵĞĚŝĂĐŝſŶLJĂƉŽƌƚĂŶĚŽĚĂƚŽƐŽďũĞƚŝǀŽƐƉĂƌĂůĂƚŽŵĂĚĞ
ĚĞĐŝƐŝŽŶĞƐ͘

ƵŶƋƵĞ ůĂ ĞƐĐĂƐĞnj ĚĞ ƌĞĐƵƌƐŽƐ ŵƵĐŚĂƐ ǀĞĐĞƐ ĞƐ ƵŶĂ ůŝŵŝƚĂĐŝſŶ ŵƵLJ ŝŵƉŽƌƚĂŶƚĞ͕
ĚĞďŝĚŽ Ăů ƉƌŽƉŝŽ ĐĂƌĄĐƚĞƌ ŵƵůƚŝĨĂĐƚŽƌŝĂů ĚĞ ůŽƐ ĂĨůŽƌĂŵŝĞŶƚŽƐ ĚĞ ĐŝĂŶŽďĂĐƚĞƌŝĂƐ
;ĞƐƉĞĐŝĞƐLJĐĞƉĂƐƋƵĞůŽĨŽƌŵĂŶ͕ĐůŝŵĂƚŽůŽŐşĂ͕ĨĂĐƚŽƌĞƐĂŶƚƌŽƉŽŐĠŶŝĐŽƐŽŶĂƚƵƌĂůĞƐƋƵĞ
ĨĂǀŽƌĞnjĐĂŶ Ž ƌĞĚƵnjĐĂŶ ƐƵ ĞdžƚĞŶƐŝſŶ͕ ĞƚĐͿ͕ LJ Ă ůĂ ŝŶĐĞƌƚŝĚƵŵďƌĞ ĞŶ ĐƵĂŶƚŽ Ă ƐƵ
ĞǀŽůƵĐŝſŶ͕ƌĞƐƵůƚĂŝŵƉŽƐŝďůĞƌĞĚƵĐŝƌƐƵŵŽŶŝƚŽƌŝnjĂĐŝſŶLJĐŽŶƚƌŽůĂƵŶƐŽůŽŵĠƚŽĚŽƋƵĞ
ĞŶŐůŽďĞ ƚŽĚĂƐ ůĂƐ ǀĞŶƚĂũĂƐ LJ ŵŝŶŝŵŝĐĞ ůŽƐ ŝŶĐŽŶǀĞŶŝĞŶƚĞƐ͘ ůŐƵŶŽƐ ŵĠƚŽĚŽƐ ĚĞ ƵƐŽ
ŵƵLJĞdžƚĞŶĚŝĚŽ;ĐŽŵŽĞůďŝŽĞŶƐĂLJŽĞŶƌĂƚſŶͿŶŽƉĂƌĞĐĞŶƐĞƌůĂŵĞũŽƌƐŽůƵĐŝſŶŶŝĠƚŝĐĂ
Ŷŝ ĞĐŽŶſŵŝĐĂŵĞŶƚĞ͕ ƉŽƌ ůŽ ƋƵĞ ƵŶ ƐŝƐƚĞŵĂ ƋƵĞ ĞŶŐůŽďĞ ǀĂƌŝŽƐ ĞŶƐĂLJŽƐ
;ďŝŽůƵŵŝŶŝƐĐĞŶĐŝĂ͕ĐĂƌĂĐƚĞƌŝnjĂĐŝſŶĚĞĞƐƉĞĐŝĞƐ͕ŝŶŵƵŶŽĚĞƚĞĐĐŝſŶĚĞƚŽdžŝŶĂƐ͕ƚŽdžŝĐŝĚĂĚ
ĂŐƵĚĂƐŽďƌĞƵŶŵŽĚĞůŽĚĞnjŽŽƉůĂŶĐƚŽŶ͕ĞƚĐ͘ͿŽƉƚŝŵŝnjĂŶĚŽĞůƵƐŽĚĞĐĂĚĂƵŶĂĚĞĞůůĂƐ͕
ƐŝĞŵƉƌĞƐĞƌĄŵĄƐĨŝĂďůĞLJĐŽŵƉůĞƚŽƋƵĞĞůƵƐŽĚĞĐĂĚĂƵŶŽĚĞĞůůŽƐƉŽƌƐĞƉĂƌĂĚŽ͘

ϲ͘ϯ&/dKW>EdKEDZ/EKE>^dhZ/K
>ŽƐŽƌŐĂŶŝƐŵŽƐŚĂďŝƚƵĂĚŽƐĂůŵĞĚŝŽŵĂƌŝŶŽ͕ĐŽŶƵŶĂĐŽŶĐĞŶƚƌĂĐŝſŶĚĞƐĂůĞƐĚŝƐƵĞůƚĂ
ŵĂLJŽƌĂůĂĚĞůĂƐĂŐƵĂƐĐŽŶƚŝŶĞŶƚĂůĞƐ͕ƉƵĞĚĞŶǀĞƌĐŽŵƉƌŽŵĞƚŝĚŽƐƐƵƐŵĞĐĂŶŝƐŵŽƐĚĞ
ƌĞŐƵůĂĐŝſŶ ŽƐŵſƚŝĐĂ Ăů ĞŶĨƌĞŶƚĂƌƐĞ Ă ĂŐƵĂƐ ĐŽŶ ƵŶĂ ŵĞŶŽƌ ƐĂůŝŶŝĚĂĚ͘ >ĂƐ ĚŝĨĞƌĞŶĐŝĂƐ
ĞŶƚƌĞĞƐƉĞĐŝĞƐĞŶĞƐƚĞƉƌŽĐĞƐŽĚĞĂĐůŝŵĂƚĂĐŝſŶ͕ĂƐşĐŽŵŽůĂĨŽƌŵĂĞŶůĂƋƵĞƐĞǀĞĂŶ
ĂĨĞĐƚĂĚŽƐ ĚŝĨĞƌĞŶƚĞƐ ĂƐƉĞĐƚŽƐ ĚĞ ƐƵ ŵĞƚĂďŽůŝƐŵŽ ;ƌĞĐŝŵŝĞŶƚŽ͕ ďĂůĂŶĐĞ ĚĞ ŽdžşŐĞŶŽ͕
ƌĞŶĚŝŵŝĞŶƚŽ ĚĞů ĨŽƚŽƐŝƐƚĞŵĂ //Ϳ ǀĂŶ Ă ŵĂƌĐĂƌ ůĂ ĞǀŽůƵĐŝſŶ ĚĞů ĂĨůŽƌĂŵŝĞŶƚŽ ĞŶ ƐƵ
ĞdžƚĞŶƐŝſŶƉŽƌĞůĞƐƚƵĂƌŝŽ͘

Ɛ ůſŐŝĐŽ ƉĞŶƐĂƌ ƋƵĞ ƵŶ ĚĞƐĐĞŶƐŽ ĚĞ ƐĂůŝŶŝĚĂĚ ǀĂ Ă ĂĨĞĐƚĂƌ ŶĞŐĂƚŝǀĂŵĞŶƚĞ Ă ůĂƐ
ĞƐƉĞĐŝĞƐŵĂƌŝŶĂƐ͕ƐŝĞŶĚŽŵĄƐĞƵƌŝŚĂůŝŶĂƐůĂƐĞƐƉĞĐŝĞƐĐŽƐƚĞƌĂƐƋƵĞůĂƐŽĐĞĄŶŝĐĂƐ͕ƉĞƌŽ
ůĂƌĞƐƉƵĞƐƚĂĨŝŶĂůĚĞĐĂĚĂĞƐƉĞĐŝĞǀĂĂĚĞƉĞŶĚĞƌĞŶƷůƚŝŵĂŝŶƐƚĂŶĐŝĂĚĞůĂĞĨŝĐŝĞŶĐŝĂĚĞ
ƐƵƐŵĞĐĂŶŝƐŵŽƐĚĞŚŽŵĞŽƐƚĂƐŝƐ͘

ϭϭϱ

^ĞŐƷŶůŽƐĚĂƚŽƐŽďƚĞŶŝĚŽƐ͕ůĂϱϬ;ϳϮͿĚĞDŝĐƌŽĐLJƐƚŝƐĂĞƌƵŐŝŶŽƐĂ;ĂƋƵŝĞŶƵŶĂƵŵĞŶƚŽ
ĞŶ ůĂ ƐĂůŝŶŝĚĂĚ ƉĞƌũƵĚŝĐĂͿ ĞƐƚĂďĂ ĞŶ ƵŶĂ ĐŽŶĐĞŶƚƌĂĐŝſŶ ĚĞ ƐĂů ĚĞ ϳϲ͕ϲ ŵD͕ ƋƵĞ
ĐŽƌƌĞƐƉŽŶĚĞ Ă ƵŶŽƐ ϰϰ͕ϳϲ W^h͕ ŵŝĞŶƚƌĂƐ ƋƵĞ ĞŶ ůĂƐ ĞƐƉĞĐŝĞƐ ŵĂƌŝŶĂƐ ƚſdžŝĐĂƐ ;Ă
ƋƵŝĞŶĞƐ ĨĂǀŽƌĞĐĞ ƵŶ ĂƵŵĞŶƚŽ ĞŶ ůĂ ƐĂůŝŶŝĚĂĚͿ ŽďƚƵǀŝŵŽƐ ƵŶĂ ϱϬ;ϳϮͿĚĞ ϱ͕ϱϳ͕ ϴ͕ϰϳ LJ
ϭϬ͕ϲϳ W^h ƉĂƌĂ EŝƚnjƐĐŚŝĂ ƐƉ͘ Eϭϭ͕ ůĞdžĂŶĚƌŝƵŵ ŵŝŶƵƚƵŵ LJ WƌŽƌŽĐĞŶƚƌƵŵ ůŝŵĂ
ƌĞƐƉĞĐƚŝǀĂŵĞŶƚĞ͘ƐƚŽƋƵŝĞƌĞĚĞĐŝƌƋƵĞĞŶnjŽŶĂƐĚĞƐĂůŝŶŝĚĂĚĞƐĐŽŵƉƌĞŶĚŝĚĂƐĞŶƚƌĞϱ
LJ ϰϬ W^h͕ ƉƌĞƐĞŶƚĞƐ ƉŽƌ Ğů ŐƌĂĚŝĞŶƚĞ ƐĂůŝŶŽ ĞŶ Ğů ĞƐƚƵĂƌŝŽ ;dĞůĞƐŚ ĂŶĚ <ŚůĞďŽǀŝĐŚ͕
ϮϬϭϬͿ ƚĂŶƚŽ Ğů ĨŝƚŽƉůĂŶĐƚŽŶ ƚſdžŝĐŽ ĚĞ ĂŐƵĂ ĚƵůĐĞ ĐŽŵŽ Ğů ĚĞ ĂŐƵĂ ƐĂůĂĚĂ ƉŽĚƌşĂŶ
ƐŽďƌĞǀŝǀŝƌLJŽĐĂƐŝŽŶĂƌƉƌŽďůĞŵĂƐ͘

sĞŵŽƐ ƋƵĞ ĞŶƚƌĞ ůŽƐ ŽƌŐĂŶŝƐŵŽƐ ŵĂƌŝŶŽƐ Ğů ŵĄƐ ƌĞƐŝƐƚĞŶƚĞ Ă ůĂ ĚŝƐŵŝŶƵĐŝſŶ ĞŶ ůĂ
ĐŽŶĐĞŶƚƌĂĐŝſŶ ĚĞ ƐĂůĞƐ ĨƵĞ ůĂ ĚŝĂƚŽŵĞĂ͕ LJ ĞŶƚƌĞ ůŽƐ ĚŽƐ ĚŝŶŽĨůĂŐĞůĂĚŽƐ ͘ ŵŝŶƵƚƵŵ
ƌĞƐƵůƚſ ƐĞƌ ŵĄƐ ƌĞƐŝƐƚĞŶƚĞ ƋƵĞ W͘ >ŝŵĂ͘ ƐƚĞ ĚĂƚŽ ĞƐ ĐŽŚĞƌĞŶƚĞ ĐŽŶ ĂůŐƵŶŽƐ ƋƵĞ
ƐĞŹĂůĂŶ ůĂ ŝŵƉŽƌƚĂŶĐŝĂ ĚĞ ͘ ŵŝŶƵƚƵŵ ĞŶ ĂĨůŽƌĂŵŝĞŶƚŽƐ ĞŶ njŽŶĂƐ ŵƵLJ ĚŝǀĞƌƐĂƐ ĚĞů
DĞĚŝƚĞƌƌĄŶĞŽ;ĂƐĂďŝĂŶĐĂĞƚĂů͘ϮϬϭϮͿ͕ŵŝĞŶƚƌĂƐƋƵĞW͘ůŝŵĂ͕ĂƵŶƋƵĞŵĄƐĚŝƐƚƌŝďƵŝĚŽ
ŐůŽďĂůŵĞŶƚĞ͕ ƉŽƌ ƐƵ ĐĂƌĄĐƚĞƌ ďĞŶƚſŶŝĐŽ ƉƌŽĚƵĐĞ ƵŶ ŵĞŶŽƌ ŶƷŵĞƌŽ ĚĞ ĞƉŝƐŽĚŝŽƐ
ƚſdžŝĐŽƐLJĚĞŵĞŶŽƌĞdžƚĞŶƐŝſŶ;WŝƐƚŽĐĐŚŝĞƚĂů͘ϮϬϭϮͿ͘ŶĐƵĂŶƚŽĂůĂĚŝĂƚŽŵĞĂEŝƚnjƐĐŚŝĂ
ƐƉ͘Eϭϭ͕ĞŶůĂŵĂLJŽƌşĂĚĞĐĂƐŽƐĚĞƐĐƌŝƚŽƐĚĞĞŶǀĞŶĞŶĂŵŝĞŶƚŽĂŵŶĠƐŝĐŽƉŽƌĐŽŶƐƵŵŽ
ĚĞ ďŝǀĂůǀŽƐ ;^WͿ ůĂ ĞƐƉĞĐŝĞ ƉƌŽĚƵĐƚŽƌĂ ĚĞ ĄĐŝĚŽ ĚŽŵŽŝĐŽ ƉĞƌƚĞŶĞкà Ăů ŐĠŶĞƌŽ
WƐĞƵĚŽŶŝƚnjƐĐŚŝĂ;&ĞƌŶĂŶĚĞƐĞƚĂů͘ϮϬϭϰͿ͕ƉĞƌŽƚĂŵďŝĠŶĞƐƚĄĚĞƐĐƌŝƚĂůĂƉƌŽĚƵĐĐŝſŶĚĞ
ƚŽdžŝŶĂƐ ƉŽƌ ƵŶĂ ĞƐƉĞĐŝĞ ĚĞů ŐĠŶĞƌŽ EŝƚnjƐĐŚŝĂ ;EŝƚnjƐĐŚŝĂ ŶĂǀŝƐͲǀĂƌşŶŐŝĐĂͿ ĐƵLJĂƐ ĐŝƚĂƐ
ĐŽƌƌĞƐƉŽŶĚĞŶ ƚŽĚĂƐ Ă ĂŐƵĂƐ ƐĂůŽďƌĞƐ LJ ĐƵLJĂ ƉƌŽĚƵĐĐŝſŶ ĚĞ ĄĐŝĚŽ ĚŽŵŽŝĐŽ ĞƐ
ĐŽŵƉĂƌĂďůĞ Ă ůĂ ĚĞ WƐĞƵĚŽŶŝƚnjƐĐŚŝĂ ŵƵůƚŝƐĞƌŝĞƐ ;<ŽƚĂŬŝ Ğƚ Ăů͘ ϮϬϬϰͿ͕ ƉŽƌ ůŽ ƋƵĞ
ƉĞŶƐĂŵŽƐ ƋƵĞ ƉŽĚƌşĂ ĞƐƚĂƌ ƌĞůĂĐŝŽŶĂĚĂ ĐŽŶ ůĂ ĐĞƉĂ ĞƐƚƵĚŝĂĚĂ ƉŽƌ ŶŽƐŽƚƌŽƐ͕ ĂƷŶ ƐŝŶ
ĐůĂƐŝĨŝĐĂĐŝſŶ ĚĞĨŝŶŝƚŝǀĂ͕ ƋƵĞ ƉƌŽĚƵкà ϰ͕ϯϮ ĚĞ ĞƋƵŝǀĂůĞŶƚĞƐ ĚĞ ƚŽdžŝŶĂ͕ ƐŝŵŝůĂƌ Ă ůŽƐ
ƌĞƐƵůƚĂĚŽƐƉƌĞƐĞŶƚĂĚŽƐƉŽƌĞƐƚŽƐĂƵƚŽƌĞƐ͘

>ŽƐƌĞƐƵůƚĂĚŽƐŽďƚĞŶŝĚŽƐƚƌĂƐůĂĞdžƉŽƐŝĐŝſŶĂĂŐƵĂƐĚĞƐĂůŝŶŝĚĂĚĚĞĐƌĞĐŝĞŶƚĞŵƵĞƐƚƌĂŶ
ƋƵĞ ĂŵďŽƐ ĚŝŶŽĨůĂŐĞůĂĚŽƐ LJ ůĂ ĚŝĂƚŽŵĞĂ ƉŽĚƌşĂŶ ƐŽďƌĞǀŝǀŝƌ ĞŶ ůĂƐ ĐŽŶĚŝĐŝŽŶĞƐ
ŶŽƌŵĂůĞƐƉƌĞƐĞŶƚĞƐ ĞŶĞů ĞƐƚƵĂƌŝŽ͕ LJ ůŽƐƌĞƐƵůƚĂĚŽƐĂůĞdžƉŽŶĞƌ ŶĂƵƉůŝŽƐĚĞƌƚĞŵŝĂ Ă
ĞƐƚĂƐ ĞƐƉĞĐŝĞƐ ƚſdžŝĐĂƐ LJ ƐƵƐ ĞdžƚƌĂĐƚŽƐ͕ ŵƵĞƐƚƌĂŶ ƋƵĞ ƐƵƉŽŶĞŶ ƵŶ ƌŝĞƐŐŽ ƉĂƌĂ Ğů
njŽŽƉůĂŶĐƚŽŶƋƵĞƉŽĚƌşĂĞdžƚĞŶĚĞƌƐĞƉŽƌůĂƌĞĚƚƌſĨŝĐĂ͘Ɛş͕ĂŶƚĞƵŶĂĂŵĞŶĂnjĂĚĞŵĂƌĞĂ

ϭϭϲ

ƌŽũĂŽĂĨůŽƌĂŵŝĞŶƚŽĞƐŶĞĐĞƐĂƌŝŽƚŽŵĂƌŵĞĚŝĚĂƐƵƌŐĞŶƚĞƐ͕LJĂƋƵĞŶŽƉŽĚĞŵŽƐĐŽŶĨŝĂƌ
ĞŶƋƵĞůĂƐĐŽŶĚŝĐŝŽŶĞƐŶĂƚƵƌĂůĞƐĚĞƐĂůŝŶŝĚĂĚĚĞůĞƐƚƵĂƌŝŽƐƵƉŽŶŐĂŶƵŶƉƌŽďůĞŵĂƋƵĞ
ůŝŵŝƚĞŶĂƚƵƌĂůŵĞŶƚĞĞůĂůĐĂŶĐĞĚĞůĞƉŝƐŽĚŝŽ͘

Ŷ ĐƵĂŶƚŽ Ă ůĂƐ ŝŶƚĞƌĂĐĐŝŽŶĞƐ ĞŶƚƌĞ Ɛş Ăů ĨŽƌŵĂƌ ƉĂƌƚĞ ĚĞ ĂĨůŽƌĂŵŝĞŶƚŽƐ ŵŝdžƚŽƐ
;ĐŽŵƉƵĞƐƚŽƐ ƉŽƌ ŵĄƐ ĚĞ ƵŶĂ ĞƐƉĞĐŝĞͿƚĞŶŝĞŶĚŽ ƐŝĞŵƉƌĞ ƉƌĞƐĞŶƚĞ ƋƵĞ ůŽƐ ĞĨĞĐƚŽƐĚĞ
ĚŝĐŚĂ ŝŶƚĞƌĂĐĐŝſŶ ƉƵĞĚĞŶ ƐĞƌ ĚŝĨĞƌĞŶƚĞƐ ĞŶ ĨƵŶĐŝſŶ ĚĞů ŽƌŐĂŶŝƐŵŽ ƋƵĞ ĞƐƚĞŵŽƐ
ƚĞƐƚĂŶĚŽ͕ƉŽĚĞŵŽƐĚĞƐƚĂĐĂƌƋƵĞƉĂƌĂĞůĐĂƐŽĚĞůŽƐŶĂƵƉůŝŽƐĚĞƌƚĞŵŝĂ͕ůĂƚŽdžŝĐŝĚĂĚ
ĚĞ ůĂƐ ĐŽŵďŝŶĂĐŝŽŶĞƐ ďŝŶĂƌŝĂƐ LJ ƚĞƌŶĂƌŝĂƐ ĨƵĞ ƐŝŐŶŝĨŝĐĂƚŝǀĂŵĞŶƚĞ ŵĄƐ ďĂũĂ ƋƵĞ ůĂ ĚĞ
ĐĂĚĂĞƐƉĞĐŝĞĞƐƚƵĚŝĂĚĂƉŽƌƐĞƉĂƌĂĚŽ;ĞŶĐƵůƚŝǀŽƉƵƌŽͿ͘ƐƚŽŝŵƉůŝĐĂƋƵĞĐƵĂŶƚŽŵĂLJŽƌ
ĞƐ ůĂ ďŝŽĚŝǀĞƌƐŝĚĂĚ ĚĞ ůŽƐ ŐƌƵƉŽƐ ĨƵŶĐŝŽŶĂůĞƐ ĚĞů ĨŝƚŽƉůĂŶĐƚŽŶ ƉƌĞƐĞŶƚĞ͕ ŝŶĐůƵƐŽ Ɛŝ
ŵƵĐŚĂƐ ĚĞ ůĂƐ ĞƐƉĞĐŝĞƐ ƋƵĞ ůŽ ĐŽŶĨŽƌŵĂŶ ƐŽŶ ƉƌŽĚƵĐƚŽƌĂƐ ĚĞ ƚŽdžŝŶĂƐ͕ ŵĞŶŽƌ ĞƐ Ğů
ƌŝĞƐŐŽ ƉĂƌĂ Ğů njŽŽƉůĂŶĐƚŽŶ ĚĞ ĞƐƚƵĂƌŝŽ͘ z ƉŽƌ ƚĂŶƚŽ͕ ůŽƐ ĨĂĐƚŽƌĞƐ ĨşƐŝĐŽƐ͕ ƋƵşŵŝĐŽƐ Ž
ĂŶƚƌŽƉŽŐĠŶŝĐŽƐ ƋƵĞ ĨĂǀŽƌĞnjĐĂŶ Ğů ĐƌĞĐŝŵŝĞŶƚŽ ĚĞ ƵŶĂ ĞƐƉĞĐŝĞ ĨƌĞŶƚĞ Ă ůĂƐ ĚĞŵĄƐ͕
ƉƵĞĚĞŶĂƵŵĞŶƚĂƌůĂƉĞůŝŐƌŽƐŝĚĂĚĚĞůĂĨůŽƌĂŵŝĞŶƚŽ͘^ĞŐƷŶůŽƐƌĞƐƵůƚĂĚŽƐŽďƚĞŶŝĚŽƐ͕ůĂƐ
ƚƌĞƐĞƐƉĞĐŝĞƐƚſdžŝĐĂƐƚƵǀŝĞƌŽŶƵŶĂƐŝŵŝůĂƌƚŽůĞƌĂŶĐŝĂŽƐŵſƚŝĐĂĂůĂŐƵĂĚĞďĂũĂƐĂůŝŶŝĚĂĚ͕
ƉŽƌůŽƋƵĞĞƐƚĞŚĞĐŚŽƉŽĚƌşĂĚŝƐŵŝŶƵŝƌůŝŐĞƌĂŵĞŶƚĞůŽƐĞĨĞĐƚŽƐĚĞƐƵƚŽdžŝĐŝĚĂĚ͘

 

ϭϭϳ

 

ϭϭϴ

 

ϳ͘KE>h^/KE^

ϭϭϵ

ĞůĂŶĄůŝƐŝƐĚĞůŽƐƌĞƐƵůƚĂĚŽƐŽďƚĞŶŝĚŽƐĐŽŶĞůƉƌĞƐĞŶƚĞƚƌĂďĂũŽƉƵĞĚĞŶŽďƚĞŶĞƌƐĞůĂƐ
ƐŝŐƵŝĞŶƚĞƐĐŽŶĐůƵƐŝŽŶĞƐ͘ 
ϭ͘ ů ĨŝƚŽƉůĂŶĐƚŽŶ ĚĞ ĂŐƵĂ ĚƵůĐĞ ŵƵĞƐƚƌĂ ĚŝĨĞƌĞŶƚĞ ƌĞƐƉƵĞƐƚĂ Ă ůĂ ƐĂůŝŶŝĚĂĚ ĞŶ
ĨƵŶĐŝſŶ ĚĞ ƐƵ ŐƌƵƉŽ ƚĂdžŽŶſŵŝĐŽ ;ƉƌŽĐĂƌŝŽƚĂ Ž ĞƵĐĂƌŝŽƚĂͿ͕ ƉŽƌ ůŽ ƋƵĞ ĐĂŵďŝŽƐ
ƉĞƌŝſĚŝĐŽƐ Ž ƌĞƉĞŶƚŝŶŽƐ ƉƵĞĚĞŶ ĂĨĞĐƚĂƌ Ă ůĂ ĞƐƚƌƵĐƚƵƌĂ LJ ĚŝŶĄŵŝĐĂ ĚĞ ƐƵƐ
ƉŽďůĂĐŝŽŶĞƐ͘

Ϯ͘ ů ŝŶĐƌĞŵĞŶƚŽ ĚĞ ƐĂůŝŶŝĚĂĚ ƐŽďƌĞ LJĐƚŝŽƐƉŚĂĞƌŝƵŵ ĐŚůŽƌĞůůŽŝĚĞƐ ƉƌŽǀŽĐĂ ƵŶĂ
ĂůƚĞƌĂĐŝſŶĚĞůĐƌĞĐŝŵŝĞŶƚŽLJĚĞůĂĂĐƚŝǀŝĚĂĚĨŽƚŽƐŝŶƚĠƚŝĐĂ͕ƚĂŶƚŽĞŶĞůďĂůĂŶĐĞĚĞ
ŽdžşŐĞŶŽĐŽŵŽĞŶƌĞŶĚŝŵŝĞŶƚŽĚĞůĨŽƚŽƐŝƐƚĞŵĂ//͘

ϯ͘ DŝĐƌŽĐLJƐƚŝƐ ĂĞƌƵŐŝŶŽƐĂ ĞƐ ŵĄƐ ƐĞŶƐŝďůĞ Ăů ĞƐƚƌĠƐ ƐĂůŝŶŽ ƋƵĞ ŝĐƚLJŽƐƉŚĂĞƌŝƵŵ
ĐŚůŽƌĞůůŽŝĚĞƐLJƌĞƐƉŽŶĚĞĂůĂƵŵĞŶƚŽĚĞƐĂůŝŶŝĚĂĚĐŽŶŝŶŚŝďŝĐŝſŶĚĞůĐƌĞĐŝŵŝĞŶƚŽ
LJĚĞůĂƉƌŽĚƵĐĐŝſŶĚĞŽdžşŐĞŶŽ͘

ϰ͘ ŶďĂƐĞĂƐƵƌĞƐƉƵĞƐƚĂĞŶƌƚĞŵŝĂŚĂƋƵĞĚĂĚŽƉĂƚĞŶƚĞůĂĞdžŝƐƚĞŶĐŝĂĚĞĐĞƉĂƐ
ĚĞ DŝĐƌŽĐLJƐƚŝƐ ĂĞƌƵŐŝŶŽƐĂ ĚĞ ƚŽdžŝĐŝĚĂĚ ĞůĞǀĂĚĂ ;DĂϲ LJ DĂϳͿ͕ ŵŽĚĞƌĂĚĂ
;DĂϭ͕DĂϮLJDĂϱͿLJĚĞƚŽdžŝĐŝĚĂĚŶŽĚĞƚĞĐƚĂďůĞ;DĂϯ͕DĂϰLJDĂϴͿ͘

ϱ͘ ZĞƐƉĞĐƚŽ Ă ůĂ ƚŽdžŝĐŝĚĂĚ ƐŽďƌĞ ŶĂƵƉůŝŽƐ ĚĞ ƌƚĞŵŝĂ ĨƌĂŶĐŝƐĐĂŶĂ ŶŽ ĞdžŝƐƚĞŶ
ĚŝĨĞƌĞŶĐŝĂƐ ĞƐƚĂĚşƐƚŝĐĂŵĞŶƚĞ ƐŝŐŶŝĨŝĐĂƚŝǀĂƐ ĞŶƚƌĞ ůŽƐ ĞĨĞĐƚŽƐ ĚĞ ůĂƐ ĐĠůƵůĂƐ
ĐŽŵƉůĞƚĂƐĚĞDŝĐƌŽĐLJƐƚŝƐĂĞƌƵŐŝŶŽƐĂLJƐƵƐĞdžƚƌĂĐƚŽƐ͘

ϲ͘ ůƚĞƐƚDŝĐƌŽƚŽdžΠƉƵĞĚĞƐĞƌƵŶĂŚĞƌƌĂŵŝĞŶƚĂĞĨŝĐĂnjĞŶůĂƉƌĞǀĞŶĐŝſŶĚĞůƌŝĞƐŐŽ
ĚĞ ĂĨůŽƌĂŵŝĞŶƚŽƐ ĚĞDŝĐƌŽĐLJƐƚŝƐ ĂĞƌƵŐŝŶŽƐĂ͕ ĂƉŽƌƚĂŶĚŽ͕ ĐŽŵŽ ĐƌŝďĂĚŽ ƉƌĞǀŝŽ͕
ƵŶĂŐƌĂŶǀĞŶƚĂũĂƉŽƌƐƵƌĂƉŝĚĞnjĞŶůĂŽďƚĞŶĐŝſŶĚĞƌĞƐƵůƚĂĚŽƐ͘

ϳ͘ ů ĨŝƚŽƉůĂŶĐƚŽŶ ŵĂƌŝŶŽ ĞdžƉƵĞƐƚŽ Ă ĚĞƐĐĞŶƐŽƐ ĚĞ ƐĂůŝŶŝĚĂĚ ƉƌĞƐĞŶƚĂ ƵŶĂ
ƌĞƐƉƵĞƐƚĂ ĐŽŶĐĞŶƚƌĂĐŝſŶͲĚĞƉĞŶĚŝĞŶƚĞ ƐŝŵŝůĂƌ ĞŶ ůĂƐ ƚƌĞƐ ĞƐƉĞĐŝĞƐ ƚſdžŝĐĂƐ
ĞƐƚƵĚŝĂĚĂƐ ;ůĞdžĂŶĚƌŝƵŵ ŵŝŶƵƚƵŵ͕ WƌŽƌŽĐĞŶƚƌƵŵ ůŝŵĂ LJ EŝƚnjƐĐŚŝĂ ƐƉ͘ EϭϭͿ͕
ƚŽůĞƌĂŶĚŽ ĐŽŶĐĞŶƚƌĂĐŝŽŶĞƐ ĚĞ ĞŶƚƌĞ ϱ LJ ϯϱ W^h͕ LJ ĚŝĨĞƌĞŶĐŝĄŶĚŽƐĞ ĞŶ ůŽƐ

ϭϮϬ

 ƉĂƌĄŵĞƚƌŽƐ ĞƐƚƵĚŝĂĚŽƐ ƐĞŐƷŶ ƐƵƐ ĚŝĨĞƌĞŶƚĞƐ ŵĞĐĂŶŝƐŵŽƐ ĚĞ ĂĐůŝŵĂƚĂĐŝſŶ
ŽƐŵſƚŝĐĂ͘

ϴ͘ >Ă ĚŝĂƚŽŵĞĂ EŝƚnjƐĐŚŝĂ ƐƉ͘ Eϭϭ ƚŽůĞƌĂ ŵĞũŽƌ Ğů ĚĞƐĐĞŶƐŽ ĚĞ ƐĂůŝŶŝĚĂĚ ƋƵĞ ůĂƐ
ĞƐƉĞĐŝĞƐ ĚĞ ĚŝŶŽĨůĂŐĞůĂĚŽƐ ĞƐƚƵĚŝĂĚŽƐ ;ůĞdžĂŶĚƌŝƵŵ ŵŝŶƵƚƵŵ LJ WƌŽƌŽĐĞŶƚƌƵŵ
ůŝŵĂͿ͘

ϵ͘ >ŽƐ ŶŝǀĞůĞƐ ĚĞ ƐĂdžŝƚŽdžŝŶĂ͕ ĄĐŝĚŽ ŽŬĂĚĂŝĐŽ LJ ĄĐŝĚŽ ĚŽŵŽŝĐŽ ƉƌĞƐĞŶƚĞƐ ĞŶ
ĂĨůŽƌĂŵŝĞŶƚŽƐ ƌĞĂůĞƐ ĞŶĞƐƚƵĂƌŝŽƐ ƐŽŶƉĞůŝŐƌŽƐŽƐ ƉĂƌĂ ůŽƐŶĂƵƉůŝŽƐĚĞƌƚĞŵŝĂ
ĨƌĂŶĐŝƐĐĂŶĂ͕LJƉƵĞĚĞŶĂĨĞĐƚĂƌĚƌĄƐƚŝĐĂŵĞŶƚĞĂůĂĞƐƚƌƵĐƚƵƌĂĚĞůĂƌĞĚƚƌſĨŝĐĂĚĞů
ĞƐƚƵĂƌŝŽ͘

ϭϬ͘ >ĂĞdžŝƐƚĞŶĐŝĂĚĞĂĨůŽƌĂŵŝĞŶƚŽƐŵŝdžƚŽƐ;ĚĞŵĄƐĚĞƵŶĂĞƐƉĞĐŝĞĂůŵŝƐŵŽƚŝĞŵƉŽͿ
ƐƵƉŽŶĞƵŶĂĚŝƐŵŝŶƵĐŝſŶĚĞůƌŝĞƐŐŽƚŽdžŝĐŽůſŐŝĐŽƌĞƐƉĞĐƚŽĂůƉƌĞƐĞŶƚĂĚŽƉŽƌůŽƐ
ĂĨůŽƌĂŵŝĞŶƚŽƐ ƉƵƌŽƐ͕ ƚĂŶƚŽ ĞŶ ůĂƐ ƚƌĞƐ ĐŽŵďŝŶĂĐŝŽŶĞƐ ďŝŶĂƌŝĂƐ ƉŽƐŝďůĞƐ͕ ĐŽŵŽ
ĞŶůĂĐŽŵďŝŶĂĐŝſŶƚĞƌŶĂƌŝĂ͕ƐŝĞŶĚŽĞŶĠƐƚĂƷůƚŝŵĂĞůĂŶƚĂŐŽŶŝƐŵŽůŝŐĞƌĂŵĞŶƚĞ
ƐƵƉĞƌŝŽƌĂůĂƐĂŶƚĞƌŝŽƌĞƐ͘


 

ϭϮϭ

 

ϭϮϮ

 

ϴ͘/>/K'Z&1
 

ϭϮϯ

 

ϭϮϰ

ͲŐŚ͕E͖sĂŶ^ƚĂƉƉĞŶ͕'͖ŽƐƐŝĞƌ͕W͖^ĞƉĞŚƌŝ͕,͖>ŽƚĨŝ͕s͖ZŽƵŚĂŶŝ͕^͘D͖^ŽƌŐĞůŽŽƐ͕W͘
;ϮϬϬϴͿĨĨĞĐƚƐŽĨƐĂůŝŶŝƚLJŽŶƐƵƌǀŝǀĂů͕ŐƌŽǁƚŚ͕ƌĞƉƌŽĚƵĐƚŝǀĞĂŶĚůŝĨĞƐƉĂŶĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ
ŽĨƌƚĞŵŝĂƉŽƉƵůĂƚŝŽŶƐĨƌŽŵhƌŵŝĂ>ĂŬĞĂŶĚŶĞŝŐŚďŽƌŝŶŐůĂŐŽŽŶƐ͘WĂŬŝƐƚĂŶ:ŽƵƌŶĂůŽĨ
ŝŽůŽŐŝĐĂů^ĐŝĞŶĐĞƐ͘:ĂŶϭϱ͖ϭϭ;ϮͿ͗ϭϲϰͲϳϮ

ͲŐŶŝĞƐnjŬĂ͕͖dŽŵĂƐnj͕͖Θ:ĞƌnjLJ͕t͘;ϮϬϭϰͿ͘ŚĞŵŝĐĂůƉƌŽƉĞƌƚŝĞƐĂŶĚƚŽdžŝĐŝƚLJŽĨƐŽŝůƐ
ĐŽŶƚĂŵŝŶĂƚĞĚďLJŵŝŶŝŶŐĂĐƚŝǀŝƚLJ͘ĐŽƚŽdžŝĐŽůŽŐLJ;>ŽŶĚŽŶ͕ŶŐůĂŶĚͿ͕Ϯϯ;ϳͿ͕ϭϮϯϰʹϭϮϰϰ͘
ĚŽŝ͗ϭϬ͘ϭϬϬϳͬƐϭϬϲϰϲͲϬϭϰͲϭϮϲϲͲLJ

ͲůǀĂƌĞnj͕ K͖ dĞũĞĚŽƌ͕ ͘ LJ sŝĚĂů͕ :͘ ;ϮϬϬϭͿ͘ >Ă ĚŝŶĄŵŝĐĂ ĚĞ ŵĂƌĞĂ ĞŶ Ğů ĞƐƚƵĂƌŝŽ ĚĞů
'ƵĂĚĂůƋƵŝǀŝƌ͗ ƵŶ ĐĂƐŽ ƉĞĐƵůŝĂƌĚĞ ͨƌĞƐŽŶĂŶĐŝĂ ĂŶƚƌſƉŝĐĂ͘ &şƐŝĐĂĚĞůĂ dŝĞƌƌĂ ϮϬϬϭ͕ ϭϯ͕
ϭϭͲϮϰ

ͲŶĚĞƌƐŽŶ͕ ͘D͖  ĞŵďĞůůĂ͕ ͖͘  ,ĂůůĞŐƌĂĞĨĨ͕  D͘ ;ϮϬϭϮͿ WƌŽŐƌĞƐƐ ŝŶ ƵŶĚĞƌƐƚĂŶĚŝŶŐ
ŚĂƌŵĨƵůĂůŐĂůďůŽŽŵƐ͗WĂƌĂĚŝŐŵƐŚŝĨƚƐĂŶĚŶĞǁƚĞĐŚŶŽůŽŐŝĞƐĨŽƌƌĞƐĞĂƌĐŚ͕ŵŽŶŝƚŽƌŝŶŐ͕
ĂŶĚŵĂŶĂŐĞŵĞŶƚ͘ŶŶƵĂůZĞǀŝĞǁŽĨDĂƌŝŶĞ^ĐŝĞŶĐĞ͘ϰ͗ϭϰϯʹϭϳϲ

ͲŶĚĞƌƐŽŶ͕ ͘D͖ DĐ'ŝůůŝĐƵĚĚLJ͕ ͘:ƌ͖ dŽǁŶƐĞŶĚ͕ ͖ dƵƌŶĞƌ͕ :͘ ;ϮϬϬϱͿ dŚĞ ĞĐŽůŽŐLJ ĂŶĚ
ŽĐĞĂŶŽŐƌĂƉŚLJŽĨƚŽdžŝĐůĞdžĂŶĚƌŝƵŵĨƵŶĚLJĞŶƐĞďůŽŽŵƐŝŶƚŚĞ'ƵůĨŽĨDĂŝŶĞ͘ĞĞƉ^ĞĂ
ZĞƐĞĂƌĐŚ//͘ϱϮ͗ϮϯϲϱʹϮϯϲϴ͘

ͲƐĞŵ͕ ͖ ;ϮϬϬϴͿ,ŝƐƚŽƌŝĐĂů ƌĞĐŽƌĚ ŽŶ ďƌŝŶĞ ƐŚƌŝŵƉƌƚĞŵŝĂŵŽƌĞ ƚŚĂŶ ŽŶĞ ƚŚŽƵƐĂŶĚ
LJĞĂƌƐĂŐŽĨƌŽŵhƌŵŝĂ>ĂŬĞ͕/ƌĂŶ͕:ŽƵƌŶĂůŽĨŝŽůŽŐŝĐĂůZĞƐĞĂƌĐŚ͕ϵ͗ϭϭϯͲϭϭϰ

ͲĂƌďŽƐĂ͕ ͖  ŽŵŝŶŐƵĞƐ͕ Z͖͘ 'ĂůǀĆŽ͕ ,͘D͘ ;ϮϬϭϬͿŶǀŝƌŽŶŵĞŶƚĂů ĨŽƌĐŝŶŐ ŽĨ

ƉŚLJƚŽƉůĂŶŬƚŽŶŝŶĂDĞĚŝƚĞƌƌĂŶĞĂŶĞƐƚƵĂƌLJ;'ƵĂĚŝĂŶĂƐƚƵĂƌLJ͕^ŽƵƚŚͲǁĞƐƚĞƌŶ/ďĞƌŝĂͿ͗
ĚĞĐĂĚĂů ƐƚƵĚLJ ŽĨ ĂŶƚŚƌŽƉŽŐĞŶŝĐ ĂŶĚ ĐůŝŵĂƚŝĐ ŝŶĨůƵĞŶĐĞƐ͘ ƐƚƵĂƌŝŶĞ ŽĂƐƚĂů͖͘ϯϯ͗ ϯϮϰʹ
ϯϰϭ͘

ͲĂƚĞƐ͕ ^͘^͖ 'ĂƵĚĞƚ͕ :͖  <ĂĐnjŵĂƌƐŬĂ͕ /͘ ĂŶĚ  ŚƌŵĂŶ͕ :͘D͘ ;ϮϬϬϰͿ /ŶƚĞƌĂĐƚŝŽŶ ďĞƚǁĞĞŶ
ďĂĐƚĞƌŝĂ ĂŶĚ ƚŚĞ ĚŽŵŽŝĐ ĂĐŝĚ ƉƌŽĚƵĐŝŶŐ ĚŝĂƚŽŵ WŶ͘ ŵƵůƚŝƐĞƌŝĞƐ ;,ĂƐůĞͿ ĂŶ ďĂĐƚĞƌŝĂ
ƉƌŽĚƵĐĞ͘͘ĂƵƚŽŶŽŵŽƵƐůLJ͍,ĂƌŵĨƵůůŐĂĞϯ͕ϭϭͲϮϬ͘

ͲĞĂƚƚŝĞ͕ <͖͘  ZĞƐƐůĞƌ͕ :͖  tŝĞŐĂŶĚ͕ ͖  <ƌĂƵƐĞ͕ ͖  ŽĚĚ͕ '͖͘  ^ƚĞŝŶďĞƌŐ͕ ͘͘t͖
WĨůƵŐŵĂĐŚĞƌ͕^͘;ϮϬϬϯͿ͘ŽŵƉĂƌĂƚŝǀĞĞĨĨĞĐƚƐĂŶĚŵĞƚĂďŽůŝƐŵŽĨƚǁŽŵŝĐƌŽĐLJƐƚŝŶƐĂŶĚ
ŶŽĚƵůĂƌŝŶŝŶƚŚĞďƌŝŶĞƐŚƌŝŵƉƌƚĞŵŝĂƐĂůŝŶĂ͘ƋƵĂƚŝĐdŽdžŝĐŽůŽŐLJϲϮ͕ϮϭϵĞϮϮϲ͘

ͲĞŚƌĞŶĨĞůĚ͕D͘:͖ZĂŶĚĞƌƐŽŶ͕:͘d͖DĐůĂŝŶ͕͘Z͖&ĞůĚŵĂŶ͕'͖͘>ŽƐ͕^͘K͖dƵĐŬĞƌ͕͘:͖
&ĂůŬŽǁƐŬŝ͕W͘'͖&ŝĞůĚ͕͖͘&ƌŽƵŝŶ͕Z͖ƐĂŝĂƐ͕t͖͘<ŽůďĞƌ͕͖͘WŽůůĂĐŬ͕E͘,͘;ϮϬϬϭͿ
ŝŽƐƉŚĞƌŝĐ ƉƌŝŵĂƌLJ ƉƌŽĚƵĐƚŝŽŶ ĚƵƌŝŶŐ ĂŶ E^K ƚƌĂŶƐŝƚŝŽŶ͘ ^ĐŝĞŶĐĞ͘ DĂƌ
ϯϬ͖Ϯϵϭ;ϱϱϭϯͿ͗ϮϱϵϰͲϳ͘

ͲŝƚƚĞŶĐŽƵƌƚͲKůŝǀĞŝƌĂ͕ D͖͘ ,ĞƌŵĂŶŶ͕ d͖͘ ŽƌĚĞŝƌͲƌĂƵũŽ͕ D͘<͖ DĂĐĞĚŽͲ^ŝůǀĂ͕ /͖ ŝĂƐ͕

͘d͖^ĂƐĂŬŝ͕&͘&͘ĂŶĚDŽƵƌĂ͘D͘;ϮϬϭϰͿƌĂnjŝůŝĂŶŝŽůŽŐLJ͘EŽǀϳϰ;ϰͿ͗ϳϱϯͲϳϲϬ͘

ϭϮϱ

ͲůĂŝƐĞ͕ ͘ ;ϭϵϵϴͿ͘ DŝĐƌŽďŝŽƚĞƐƚŝŶŐ͗ Ŷ džƉĂŶĚŝŶŐ &ŝĞůĚ ŝŶ ƋƵĂƚŝĐ dŽdžŝĐŽůŽŐLJ͘
ĐŽƚŽdžŝĐŽůŽŐLJĂŶĚŶǀŝƌŽŶŵĞŶƚĂů^ĂĨĞƚLJϰϬ͕ϭϭϱĞϭϭϵ͘

ͲŽĐnjĂƌ͕ ͖͘ ĞŝƚůĞƌ͕ D͘<͖ >ŝƐƚŽŶ͕ :͖ ^ƵůůŝǀĂŶ͕ :͘ ĂŶĚ ĂƚƚŽůŝĐŽ͕ Z͘͘ ;ϭϵϵϴͿ WĂƌĂůŝƚŝĐ
ƐŚĞůůĨŝƐŚƚŽdžŝŶƐŝŶWƌŽƚŽŐŽŶLJĂůƵůĂdžƚĂŵĂƌĞŶƐŝƐĂŶĚWƌŽƚŽŐŽŶLJĂůƵůĂdžĐĂƚĞŶĞůůĂŝŶĂdžĞŶŝĐ
ĐƵůƚƵƌĞ͘WůĂŶƚƉŚLJƐŝŽůŽŐLJ͕ϴϴ͕ϭϮϴϱͲϭϮϵϬ͘

ͲŽƌƚŽůŝ͕ ^͖ sŽůŵĞƌ͕ ͘͘ ;ϮϬϭϰͿĐĐŽƵŶƚ͗ ĐŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶ ĂŶĚ ŝĚĞŶƚŝĨŝĐĂƚŝŽŶ ŽĨ

ŵŝĐƌŽĐLJƐƚŝŶƐďLJŵĂƐƐƐƉĞĐƚƌŽŵĞƚƌLJ͘ƵƌŽƉĞĂŶ:ŽƵƌŶĂůDĂƐƐ^ƉĞĐƚƌŽŵĞƚƌLJ;ŚŝĐŚĞƐƚĞƌ͕
ŶŐͿ͘ϮϬ;ϭͿ͗ϭͲϭϵ

ͲĂůŝđ͕ D͖ Ăƌŝđ͕ D͖ <ƌƓŝŶŝđ͕ &͖ :ĂƐƉƌŝĐĂ͕ E͖WĞđĂƌĞǀŝđ͕  D͘ ;ϮϬϭϯͿŽŶƚƌŽůůŝŶŐ ĨĂĐƚŽƌƐ ŽĨ
ƉŚLJƚŽƉůĂŶŬƚŽŶ ƐĞĂƐŽŶĂů ƐƵĐĐĞƐƐŝŽŶ ŝŶ ŽůŝŐŽƚƌŽƉŚŝĐ DĂůŝ ^ƚŽŶ ĂLJ ;ƐŽƵƚŚͲĞĂƐƚĞƌŶ
ĚƌŝĂƚŝĐͿ͘ŶǀŝƌŽŶŵĞŶƚĂůDŽŶŝƚŽƌŝŶŐĂŶĚƐƐĞƐƐŵĞŶƚ͘ϭϴϱ͗ϳϱϰϯʹϳϱϲϯ

ͲĂŵĞƌŽŶ͕t͘D͘LJWƌŝƚĐŚĂƌĚ͕͘t͘;ϭϵϲϯͿ͗ƐƚƵĂƌŝĞƐ͘/ŶdŚĞ^ĞĂ͕ǀŽůϮ͘:ŽŚŶtŝůĞLJĂŶĚ
^ŽŶƐ͘

ͲĂŵƉďĞůů͕ ͘ >͖ >ĂǁƚŽŶ͕ >͘ ͖ ĞĂƚƚŝĞ͕ <͘ ͘ ĂŶĚ ŽĚĚ͕ '͘ ͘ ;ϭϵϵϰͿ͕ ŽŵƉĂƌĂƚŝǀĞ
ĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞ ƐƉĞĐŝĨŝĐŝƚLJ ŽĨ ƚŚĞďƌŝŶĞ ƐŚƌŝŵƉ ĂŶĚ ŵŝĐƌŽƚŽdž ĂƐƐĂLJƐ ƚŽ ŚĞƉĂƚŽƚŽdžŝĐ
;ŵŝĐƌŽĐLJƐƚŝŶͲ>ZͲĐŽŶƚĂŝŶŝŶŐͿ ĐLJĂŶŽďĂĐƚĞƌŝĂ͘ ŶǀŝƌŽŶŵĞŶƚĂů dŽdžŝĐŽůŽŐLJ ĂŶĚ tĂƚĞƌ
YƵĂůŝƚLJ͕͘ϵ͗ϳϭʹϳϳ

ͲĂƌďĂůůŽ͕ :͘>͖  ,ĞƌŶĄŶĚĞnjͲ/ŶĚĂ͕ ͘>͖ WĠƌĞnj͕ W͖ 'ĂƌĐşĂͲ'ƌĄǀĂůŽƐ͕ D͘͘ ;ϮϬϬϮͿ͘ 

ĐŽŵƉĂƌŝƐŽŶďĞƚǁĞĞŶƚǁŽďƌŝŶĞƐŚƌŝŵƉĂƐƐĂLJƐƚŽĚĞƚĞĐƚŝŶǀŝƚƌŽĐLJƚŽƚŽdžŝĐŝƚLJŝŶŵĂƌŝŶĞ
ŶĂƚƵƌĂůƉƌŽĚƵĐƚƐ͘DŝŽƚĞĐŚŶŽůŽŐLJϮ͕ϭϳ͘

ͲĂƐĂďŝĂŶĐĂ͕^͖WĞŶŶĂ͕͖WĞĐĐŚŝŽůŝ͕͖:ŽƌĚŝ͕͖ĂƐƚĞƌƌĞƚdžĞĂ͕'͘ĂŶĚsĞƌŶĞƐŝ͕͘;ϮϬϭϮͿ͘
WŽƉƵůĂƚŝŽŶ ŐĞŶĞƚŝĐ ƐƚƌƵĐƚƵƌĞ ĂŶĚ ĐŽŶŶĞĐƚŝǀŝƚLJ ŽĨ ƚŚĞ ŚĂƌŵĨƵů
ĚŝŶŽĨůĂŐĞůůĂƚĞůĞdžĂŶĚƌŝƵŵ ŵŝŶƵƚƵŵŝŶ ƚŚĞ DĞĚŝƚĞƌƌĂŶĞĂŶ ^ĞĂ͘WƌŽĐĞĞĚŝŶŐƐ ŽĨ ƚŚĞ
ZŽLJĂů^ŽĐŝĞƚLJ͗ŝŽůŽŐŝĐĂů^ĐŝĞŶĐĞƐ͕Ϯϳϵ;ϭϳϮϲͿ͕ϭϮϵʹϭϯϴ͘

Ͳ͘ ,ĂƌŵĨƵů ůŐĂů ůŽŽŵƐ ;,ƐͿ ΀ǁĞďƐŝƚĞ΁͘ ƚůĂŶƚĂ͕ '͗h͘^͘ ĞŶƚĞƌƐ ĨŽƌ ŝƐĞĂƐĞ
ŽŶƚƌŽů ĂŶĚ WƌĞǀĞŶƚŝŽŶ ;ƵƉĚĂƚĞĚ Ϯϰ :ƵůLJ ϮϬϭϮͿ͘ ŚƚƚƉ͗ͬͬǁǁǁ͘ĐĚĐ͘ŐŽǀͬŶĐĞŚͬŚƐďͬŚĂďͬ
ĚĞĨĂƵůƚ͘Śƚŵ

ͲŚĞŶ͕t͘,͖'Ğ͕y͖tĂŶŐ͕t͖zƵ͕:͖Θ,Ƶ͕^͘;ϮϬϬϵͿ͘ŐĞŶĞĐĂƚĂůŽŐƵĞĨŽƌƉŽƐƚͲĚŝĂƉĂƵƐĞ
ĚĞǀĞůŽƉŵĞŶƚŽĨĂŶĂŶŚLJĚƌŽďŝŽƚŝĐ ĂƌƚŚƌŽƉŽĚƌƚĞŵŝĂ ĨƌĂŶĐŝƐĐĂŶĂ͘ D 'ĞŶŽŵŝĐƐ͕ϭϬ͕
ϱϮ͘

ͲƵƐŝĐŬ͕ <͘͘ ĂŶĚ ^ĂLJůĞƌ '͘^͘ ;ϮϬϭϯͿ Ŷ ŽǀĞƌǀŝĞǁ ŝŶ ƚŚĞ ŵĂƌŝŶĞ ŶĞƵƌŽƚŽdžŝŶ ƐĂdžŝƚŽdžŝŶ͗
'ĞŶĞƚŝĐƐ͕ ŵŽůĞĐƵůĂƌ ƚĂƌŐĞƚƐ͕ ŵĞƚŚŽĚƐ ŽĨ ĚĞƚĞĐƚŝŽŶ ĂŶĚ ĞĐŽůŽŐŝĐĂů ĨƵŶĐƚŝŽŶƐ͘ DĂƌŝŶĞ
ƌƵŐƐ͘DĂƌϮϳ͕ϭϭ;ϰͿ͗ϵϵϭͲϭϬϭϴ͘

ϭϮϲ

ͲĞƌǀĂƵdž͕ :͖  DĞũĞĂŶ͕ ͘  Θ  ƌƵŶĞƚ͕ W͘ ;ϮϬϭϱͿ͘ /ƌƌĞǀĞƌƐŝďůĞ ŽůůĞĐƚŝǀĞ DŝŐƌĂƚŝŽŶ ŽĨ
LJĂŶŽďĂĐƚĞƌŝĂ ŝŶ ƵƚƌŽƉŚŝĐ ŽŶĚŝƚŝŽŶƐ͘W>Ž^ KE͕ϭϬ;ϯͿ͕ ĞϬϭϮϬϵϬϲ͘
ĚŽŝ͗ϭϬ͘ϭϯϳϭͬũŽƵƌŶĂů͘ƉŽŶĞ͘ϬϭϮϬϵϬϲ

Ͳ&ĂůĐŚ͕ ͘ ^͖  <ŽŶŝŐ͕ '͘ D͖ tƌŝŐŚƚ͕ ͘ ͘ Ğƚ Ăů͘ ;ϭϵϵϱͿ͘ ŝŽůŽŐŝĐĂů ĂĐƚŝǀŝƚŝĞƐ ŽĨ
ĐLJĂŶŽďĂĐƚĞƌŝĂ͗ ĞǀĂůƵĂƚŝŽŶ ŽĨ ĞdžƚƌĂĐƚƐ ĂŶĚ ƉƵƌĞ ĐŽŵƉŽƵŶĚƐ͘ WůĂŶƚĂ DĞĚŝĐĂ͘ ϲϭ͗ ϯϮϭͲ
ϯϮϴ͘

Ͳ&ĂůŬŽǁƐŬLJ͕W͘'͘ĂŶĚZĂǀĞŶ:͘͘;ϭϵϵϴͿƋƵĂƚŝĐWŚŽƚŽƐLJŶƚŚĞƐŝƐ͘DĂůĚĞŶ͕D͗ůĂĐŬǁĞůů
^ĐŝĞŶĐĞ͕ϯϴϰƉƉ͘

Ͳ&ĞƌŶĂŶĚĞƐ͕ >͘ &͖  ,ƵďďĂƌĚ͕ <͘ ͖  ZŝĐŚůĞŶ͕ D͘ >͖  ^ŵŝƚŚ͕ :͖  ĂƚĞƐ͕ ^͘ ^͖  ŚƌŵĂŶ͕ :͖ ͙
ŶĚĞƌƐŽŶ͕͘D͘;ϮϬϭϰͿ͘ŝǀĞƌƐŝƚLJĂŶĚƚŽdžŝĐŝƚLJŽĨƚŚĞĚŝĂƚŽŵWƐĞƵĚŽͲŶŝƚnjƐĐŚŝĂƉĞƌĂŐĂůůŽ
ŝŶƚŚĞ'ƵůĨŽĨDĂŝŶĞ͕EŽƌƚŚǁĞƐƚĞƌŶƚůĂŶƚŝĐKĐĞĂŶ͘ĞĞƉͲ^ĞĂZĞƐĞĂƌĐŚ͘WĂƌƚ//͕dŽƉŝĐĂů
^ƚƵĚŝĞƐŝŶKĐĞĂŶŽŐƌĂƉŚLJ͕ϭϬϯ͕ϭϯϵʹϭϲϮ

Ͳ'ĂũĂƌĚŽ͕ '͘ D͖ Θ ĞĂƌĚŵŽƌĞ͕ :͘ ͘ ;ϮϬϭϮͿ͘ dŚĞ ƌŝŶĞ ^ŚƌŝŵƉƌƚĞŵŝĂ͗ ĚĂƉƚĞĚ ƚŽ
ƌŝƚŝĐĂů>ŝĨĞŽŶĚŝƚŝŽŶƐ͘&ƌŽŶƚŝĞƌƐŝŶWŚLJƐŝŽůŽŐLJ͕ϯ͕ϭϴϱ͘

Ͳ,ĂůůĞŐƌĂĞĨĨ͕'͘D͘;ϮϬϭϬͿKĐĞĂŶĐůŝŵĂƚĞĐŚĂŶŐĞ͕ƉŚLJƚŽƉůĂŶŬƚŽŶĐŽŵŵƵŶŝƚLJƌĞƐƉŽŶƐĞƐ͕
ĂŶĚ ŚĂƌŵĨƵů ĂůŐĂů ďůŽŽŵƐ͗  ĨŽƌŵŝĚĂďůĞ ƉƌĞĚŝĐƚŝǀĞ ĐŚĂůůĞŶŐĞ͘:ŽƵƌŶĂů ŽĨ
WŚLJĐŽůŽŐLJ͘ϰϲ͗ϮϮϬʹϮϯϱ͘

Ͳ,Ăůŵŝ͕ D͘ /͘ ͖  :ŝƌĂŶŐŽŶ͕ ,͖ :ŽŚĂƌŝ͕ t͘ >͘ t͖ ďĚƵů ZĂĐŚŵĂŶ͕ ͘ Z͖ ^ŚƵŬŽƌ͕ D͘ z͖ Θ
^LJĞĚ͕D͘͘;ϮϬϭϰͿ͘ŽŵƉĂƌŝƐŽŶŽĨDŝĐƌŽƚŽdžĂŶĚyĞŶŽĂƐƐĂLJ>ŝŐŚƚĂƐĂEĞĂƌZĞĂůdŝŵĞ
ZŝǀĞƌDŽŶŝƚŽƌŝŶŐƐƐĂLJĨŽƌ,ĞĂǀLJDĞƚĂůƐ͘dŚĞ^ĐŝĞŶƚŝĨŝĐtŽƌůĚ:ŽƵƌŶĂů͕ϮϬϭϰ͕ϴϯϰϮϬϮ͘
ĚŽŝ͗ϭϬ͘ϭϭϱϱͬϮϬϭϰͬϴϯϰϮϬϮ

Ͳ,ĞŝŶůĂĂŶ͕D͖<ĂŚƌƵ͕͖<ĂƐĞŵĞƚƐ͕<͖<ƵƌǀĞƚ͕/͖tĂƚĞƌůŽƚ͕͖^ĞƉƉ͕<͖ƵďŽƵƌŐƵŝĞƌ͕
,͖͘ŽƵĂLJ͕&͘;ϮϬϬϳͿZĂƉŝĚƐĐƌĞĞŶŝŶŐĨŽƌƐŽŝůĞĐŽƚŽdžŝĐŝƚLJǁŝƚŚĂďĂƚƚĞƌLJŽĨůƵŵŝŶĞƐĐĞŶƚ
ďĂĐƚĞƌŝĂƚĞƐƚƐ͘ůƚĞƌŶĂƚŝǀĞƐƚŽ>ĂďŽƌĂƚŽƌLJŶŝŵĂůƐDĂƌ͖ϯϱ;ϭͿ͗ϭϬϭͲϭϬ͘

Ͳ/ƚŽ͕ ͖  <ŽŶĚŽ͕ &͖  dĞƌĂŽ͕ <͘ ĂŶĚ ,ĂƌĂĚĂ͕ <͘/͘ ;ϭϵϵϳͿ EĞŽƉůĂƐŝĐ ŶŽĚƵůĂƌ ĨŽƌŵĂƚŝŽŶ ŝŶ
ŵŽƵƐĞůŝǀĞƌŝŶĚƵĐĞĚďLJƌĞƉĞĂƚĞĚŝŶƚƌĂƉĞƌŝƚŽŶĞĂůŝŶũĞĐƚŝŽŶƐŽĨŵŝĐƌŽĐLJƐƚŝŶͲ>Z͘dŽdžŝĐŽŶ͕
ϯϱ;ϵͿ͗ϭϰϱϯͲϭϰϱϳ͘

Ͳ<ŝŶŶĞ͕Z͘<͘,͘;ϭϵϵϯͿdŚĞƌŽůĞŽĨŽƌŐĂŶŝĐŽƐŵŽůLJƚĞƐŝŶŽƐŵŽƌĞŐƵůĂƚŝŽŶ͗&ƌŽŵďĂĐƚĞƌŝĂ
ƚŽŵĂŵŵĂůƐ͘:ŽƵƌŶĂůŽĨdžƉĞƌŝŵĞŶƚĂůŽŽůŽŐLJ͕Ϯϲϱ͗ϯϰϲͲϯϱϱ͘

Ͳ<ŝƌŬ͕:͘d͘K͘;ϭϵϵϰͿ>ŝŐŚƚĂŶĚƉŚŽƚŽƐLJŶƚŚĞƐŝƐŝŶĂƋƵĂƚŝĐĞĐŽƐLJƐƚĞŵƐϮŶĚ͘Ě͘ĂŵďƌŝĚŐĞ
hŶŝǀĞƌƐŝƚLJWƌĞƐƐ͕ĂŵďƌŝĚŐĞ͘

Ͳ<ŽƚĂŬŝ͕z͖>ƵŶĚŚŽůŵ͕E͖KŶŽĚĞƌĂ͕,͖<ŽďĂLJĂƐŚŝ͕<͖ĂũĂƌŝĂƐ͕&͘&͖&ƵƌŝŽ͕͘&͖/ǁĂƚĂŬŝ͕
D͖&ƵŬƵLJŽ͕D͘ĂŶĚ<ŽĚĂŵĂ͕D͘;ϮϬϬϰͿtŝĚĞĚŝƐƚƌŝďƵƚŝŽŶŽĨEŝƚnjƐĐŚŝĂŶĂǀŝƐͲǀĂƌŝŶŐŝĐĂ͕Ă
ŶĞǁĚŽŵŽŝĐĂĐŝĚͲƉƌŽĚƵĐŝŶŐďĞŶƚŚŝĐĚŝĂƚŽŵĨŽƵŶĚŝŶsŝĞƚŶĂŵ͘&ŝƐŚĞƌŝĞƐ^ĐŝĞŶĐĞ͖ϳϬ͗Ϯϴ
ʹϯϮ͘

ϭϮϳ

Ͳ>ĂǁƚŽŶ͕ >͖͘ĂŵƉďĞůů͕ ͘>͖ĞĂƚƚŝĞ͕ <͘͘ ĂŶĚŽĚĚ͕ '͘͘ ;ϭϵϵϬͿ hƐĞ ŽĨ Ă ƌĂƉŝĚ
ďŝŽůƵŵŝŶĞƐĐĞŶĐĞ ĂƐƐĂLJ ĨŽƌ ĚĞƚĞĐƚŝŶŐ ĐLJĂŶŽďĂĐƚĞƌŝĂů ŵŝĐƌŽĐLJƐƚŝŶ ƚŽdžŝĐŝƚLJ͘ >ĞƚƚĞƌƐ ŽĨ
ƉƉůŝĞĚDŝĐƌŽďŝŽůŽŐLJ͘KĐƚ͖ϭϭ;ϰͿ͗ϮϬϱͲϳ͘

ͲDĂĐ<ŝŶƚŽƐŚ͕ ͖ ĞĂƚƚŝĞ͕ <͖͘ <ůƵŵƉƉ͕ ^͖ ŽŚĞŶ͕ W͖ ŽĚĚ͕ '͘͘ ;ϭϵϵϬͿ LJĂŶŽďĂĐƚĞƌŝĂů
ŵŝĐƌŽĐLJƐƚŝŶ >ͲZ ŝƐ Ă ƉŽƚĞŶƚ ĂŶĚ ƐƉĞĐŝĨŝĐ ŝŶŚŝďŝƚŽƌ ŽĨ ƉƌŽƚĞŝŶͲƉŚŽƐƉŚĂƚĂƐĞƐ ϭ ĂŶĚ Ϯ
ĨƌŽŵďŽƚŚŵĂŵŵĂůĂŶĚŚŝŐŚĞƌƉůĂŶƚƐ͘&^>ĞƚƚĞƌƐϮϲϰ͗ϭϴϳͲϭϵϮ͘

ͲDĂĚƌŝŐĂůͲ^ĂŶƚŝůůĄŶ͕͖DĂĚƌŝŐĂůͲƵũĂŝĚĂƌ͕͕͘ůǀĂƌĞnjͲ'ŽŶnjĄůĞnj͕/͖^ƵŵĂLJĂͲDĂƌƚşŶĞnj͕D͘
d͖'ƵƚŝĠƌƌĞnjͲ^ĂůŝŶĂƐ͕:͕͘ĂƵƚŝƐƚĂ͕D͖͙DŽƌĂůĞƐͲ'ŽŶnjĄůĞnj͕:͘͘;ϮϬϭϰͿ͘ZĞǀŝĞǁŽĨŶĂƚƵƌĂů
ƉƌŽĚƵĐƚƐ ǁŝƚŚ ŚĞƉĂƚŽƉƌŽƚĞĐƚŝǀĞ ĞĨĨĞĐƚƐ͘tŽƌůĚ :ŽƵƌŶĂů ŽĨ 'ĂƐƚƌŽĞŶƚĞƌŽůŽŐLJථ͗
t:'͕ϮϬ;ϰϬͿ͕ϭϰϳϴϳʹϭϰϴϬϰ͘

ͲDĂŶŝĂƚƐŝ͕ ^͖ <ĂƉƉĂƐ͕ /͖ ĂdžĞǀĂŶŝƐ͕ ͖͘ &ĂƌŵĂŬŝ͕ d͖ďĂƚnjŽƉŽƵůŽƐ͕d͘:͘ ;ϮϬϬϵͿ ^ŚĂƌƉ
ƉŚLJůŽŐĞŽŐƌĂƉŚŝĐďƌĞĂŬƐĂŶĚƉĂƚƚĞƌŶƐŽĨŐĞŶĞĂůŽŐŝĐĂůĐŽŶĐŽƌĚĂŶĐĞŝŶƚŚĞďƌŝŶĞƐŚƌŝŵƉ
ƌƚĞŵŝĂĨƌĂŶĐŝƐĐĂŶĂ͘/ŶƚĞƌŶĂƚŝŽŶĂů:ŽƵƌŶĂůŽĨDŽůĞĐƵůĂƌ^ĐŝĞŶĐĞƐ͘ĞĐϭϴ͖ϭϬ;ϭϮͿ͗ϱϰϱϱͲ
ϳϬ͘

ͲDĐ>ƵƐŬLJ͕ ͘^͕ ůůŝŽƚƚ D͘ ;ϮϬϬϰͿ dŚĞ ĞƐƚƵĂƌŝŶĞ ĞĐŽƐLJƐƚĞŵ͗ ĞĐŽůŽŐLJ͕ ƚŚƌĞĂƚƐ ĂŶĚ
ŵĂŶĂŐĞŵĞŶƚEĞǁzŽƌŬ͗KdžĨŽƌĚhŶŝǀĞƌƐŝƚLJWƌĞƐƐ͘

ͲDƵĞůůĞƌ͕:͘'͖DŝĚĚĂƵŐŚ͕͘W͖>ĂŶƚnj͕^͘͘ΘŚĂƉŵĂŶ͕W͘:͘;ϭϵϵϭͿ͘ŝŽĚĞŐƌĂĚĂƚŝŽŶŽĨ
ĐƌĞŽƐŽƚĞ ĂŶĚ ƉĞŶƚĂĐŚůŽƌŽƉŚĞŶŽů ŝŶ ĐŽŶƚĂŵŝŶĂƚĞĚ ŐƌŽƵŶĚǁĂƚĞƌ͗ ĐŚĞŵŝĐĂů ĂŶĚ
ďŝŽůŽŐŝĐĂůĂƐƐĞƐƐŵĞŶƚ͘ƉƉůŝĞĚĂŶĚŶǀŝƌŽŶŵĞŶƚĂůDŝĐƌŽďŝŽůŽŐLJ͕ϱϳ;ϱͿ͕ϭϮϳϳʹϭϮϴϱ͘

ͲEĞŝůĂŶ͕͖͘ŝƚƚŵĂŶŶ͕͖ZŽƵŚŝĂŶĞŶ͕>͖ĂƐƐ͕Z͖͘^ĐŚĂƵď͕s͖^ŝǀŽŶĞŶ͕<͘ĂŶĚƵƌŶĞƌ͕
d͘;ϭϵϵϵͿEŽŶƌŝďŽƐŽŵĂůƉĞƉƚŝĚĞƐLJŶƚŚĞƐŝƐĂŶĚƚŽdžŝŐĞŶŝĐŝƚLJŽĨĐLJĂŶŽďĂĐƚĞƌŝĂ͘:ŽƵƌŶĂůŽĨ
ďĂĐƚĞƌŝŽůŽŐLJ͕ϭϴϭ;ϭϯͿ͗ϰϬϴϵͲϰϬϵϳ͘

ͲEŝƉƉĞƌ͕ D͘ ;ϮϬϬϬͿ͘ ƵƌƌĞŶƚ ĂƉƉƌŽĂĐŚĞƐ ĂŶĚĨƵƚƵƌĞ ĚŝƌĞĐƚŝŽŶƐĨŽƌ ĐŽŶƚĂŵŝŶĂŶƚƌĞůĂƚĞĚ

ŝŵƉĂĐƚĂƐƐĞƐƐŵĞŶƚƐŝŶĐŽĂƐƚĂůĞŶǀŝƌŽŶŵĞŶƚƐ͗ƌĂnjŝůŝĂŶƉĞƌƐƉĞĐƚŝǀĞ͘ƋƵĂƚŝĐĐŽƐLJƐƚĞŵ
,ĞĂůƚŚĂŶĚDĂŶĂŐĞŵĞŶƚϯ͕ϰϯϯĞϰϰϳ

ͲEƵŶĞƐ͕ ͘^͖ ĂƌǀĂůŚŽ͕ &͖͘ 'ƵŝůŚĞƌŵŝŶŽ͕ >͘D͖sĂŶ ^ƚĂƉƉĞŶ͕ '͘ ;ϮϬϬϲͿ hƐĞ ŽĨ ƚŚĞ
ŐĞŶƵƐ ƌƚĞŵŝĂŝŶ ĞĐŽƚŽdžŝĐŝƚLJ ƚĞƐƚŝŶŐ͘  ŶǀŝƌŽŶŵĞŶƚĂů WŽůůƵƚŝŽŶ͘EŽǀ͖ϭϰϰ;ϮͿ͗ϰϱϯͲϲϮ͘
ƉƵďDĂLJϯ͘

ͲKD^͘;ϮϬϭϭͿ͘'ƵŝĚĞůŝŶĞƐĨŽƌĚƌŝŶŬŝŶŐͲǁĂƚĞƌƋƵĂůŝƚLJ͘&ŽƌƚŚĞĚŝƚŝŽŶ͘ZĞĐŽŵŵĞŶĚĂƚŝŽŶƐ͘
tŽƌůĚ,ĞĂůƚŚKƌŐĂŶŝnjĂƚŝŽŶ͕ϱϲϰƉƉ/^E͗ϵϳϴϵϮϰϭϱϰϴϭϱϭ

ͲWĂĞƌů͕ ,͘ ;ϭϵϵϲͿ͘  ĐŽŵƉĂƌŝƐŽŶ ŽĨ ĐLJĂŶŽďĂĐƚĞƌŝĂů ďůŽŽŵ ĚLJŶĂŵŝĐƐ ŝŶ ĨƌĞƐŚǁĂƚĞƌ͕
ĞƐƚƵĂƌŝŶĞĂŶĚŵĂƌŝŶĞĞŶǀŝƌŽŶŵĞŶƚƐ͘WŚLJĐŽůŽŐŝĂϯϱ;ϲͿ͗ϮϱͲϯϱ͘

ͲWĞƌƐŽŽŶĞ͕ '͘ ĂŶĚ  tĞůůƐ͕ W͘'͘ ;ϭϵϴϳͿ͘ ƌƚĞŵŝĂ ŝŶ ĂƋƵĂƚŝĐ ƚŽdžŝĐŽůŽŐLJ͗  ƌĞǀŝĞǁ͘ /Ŷ͗
^ŽƌŐĞůůŽƐ͕ W͕͘ ĞŶŐƚƐŽŶ͕ ͕͘͘ ĞĐůĞŝƌ͕ t͕͘ :ĂƐƉĞƌƐ͕ ͘ ;ĚƐ͘Ϳ͕ ƌƚĞŵŝĂ ZĞƐĞĂƌĐŚ ĂŶĚ ŝƚƐ

ϭϮϴ

ƉƉůŝĐĂƚŝŽŶƐ͘ DŽƌƉŚŽůŽŐLJ͕ 'ĞŶĞƚŝĐƐ͕ ^ƚƌĂŝŶ ŚĂƌĂĐƚĞƌŝnjĂƚŝŽŶ͕ dŽdžŝĐŽůŽŐLJ͕ ǀŽů͘ /͘
hŶŝǀĞƌƐĂWƌĞƐƐ͕tĞƚƚĞƌĞŶ͕ĞůŐŝƵŵ͘

ͲWĞƚƌƵĐĐŝ͕ &͖ Ăŝŵŝ͕ ^͖ DƵƌĂ͕ '͖ ĂƌŽůŝ͕ ^͖ ;ϭϵϵϱͿ͘ ƌƚĞŵŝĂ ĂƐ Ă dĞƐƚ ŽƌŐĂŶŝƐŵ ŽĨ
ŶǀŝƌŽŶŵĞŶƚĂůŽŶƚĂŵŝŶĂƚŝŽŶďLJdƌĂĐĞůĞŵĞŶƚƐ͘DŝĐƌŽĐŚĞŵŝĐĂů:ŽƵƌŶĂůϱϭ͕ϭϴϭĞϭϴϲ͘

ͲWŝƐƚŽĐĐŚŝ͕Z͖'ƵĞƌƌŝŶŝ͕&͖WĞnjnjŽůĞƐŝ͕>͖ZŝĐĐĂƌĚŝ͕D͖sĂŶƵĐĐŝ͕^͖ŝŵŝŶŝĞůůŽ͕W͖͙ZŝĐĐĂƌĚŝ͕
͘ ;ϮϬϭϮͿ͘ dŽdžŝŶ >ĞǀĞůƐ ĂŶĚ WƌŽĨŝůĞƐ ŝŶ DŝĐƌŽĂůŐĂĞ ĨƌŽŵ ƚŚĞ EŽƌƚŚͲtĞƐƚĞƌŶ ĚƌŝĂƚŝĐ
^ĞĂͶϭϱzĞĂƌƐŽĨ^ƚƵĚŝĞƐŽŶƵůƚƵƌĞĚ^ƉĞĐŝĞƐ͘DĂƌŝŶĞƌƵŐƐ͕ϭϬ;ϭͿ͕ϭϰϬʹϭϲϮ͘

ͲWƵůŝŶĂ͕^͖WĂĚĞĚĚĂ͕͘D͖^ĂƚƚĂ͕͘d͖^ĞĐŚŝ͕E͖>ƵŐůŝĞ͘;ϮϬϭϮͿ>ŽŶŐͲƚĞƌŵƉŚLJƚŽƉůĂŶŬƚŽŶ
ĚLJŶĂŵŝĐƐ ŝŶ Ă DĞĚŝƚĞƌƌĂŶĞĂŶ ĞƵƚƌŽƉŚŝĐ ůĂŐŽŽŶ ;ĂďƌĂƐ >ĂŐŽŽŶ͕ /ƚĂůLJͿ͘WůĂŶƚ
^LJƐƚĞŵƐ͘ϭϰϲ͗ϮϱϵʹϮϳϮ͘

ͲZĂŝ͕ ͘ E͘ ;ϭϵϵϬͿ͘ Z ,ĂŶĚŬ ŽĨ ƐLJŵďŝŽƚŝĐ ĐŝĂŶŽďĂĐƚĞƌŝĂ͘ Z WƌĞƐƐ͘ ŽĐĂ ZĂƚſŶ͘
ϮϱϯƉƉ͘

Ͳ^ĄŶĐŚĞnjͲ&ŽƌƚƷŶ͕ ^͖ ^ĂŶnj͕ &͖ ĂƌĂŚŽŶĂ͕ D͘s͘ ;ϭϵϵϲͿ͘ ĐƵƚĞ dŽdžŝĐŝƚLJ ŽĨ
KƌŐĂŶŽƉŚŽƐƉŚŽƌŽƵƐ/ŶƐĞĐƚŝĐŝĚĞƐĂŶĚWƌŽƚĞĐƚŝŽŶďLJŚŽůŝŶĞƌŐŝĐŶƚĂŐŽŶŝƐƚƐĂŶĚϮͲWD
ŽŶƌƚĞŵŝĂƐĂůŝŶĂůĂƌǀĂĞ͘ƌĐŚŝǀĞƐŽĨŶǀŝƌŽŶŵĞŶƚĂůŽŶƚĂŵŝŶĂƚŝŽŶĂŶĚdŽdžŝĐŽůŽŐLJϯϭ͕
ϯϵϭĞϯϵϴ͘

Ͳ^ĐŚĞƵƌƐ͕ ,͘ ;ϭϵϵϮͿ͘ LJĂŶŽďĂĐƚĞƌŝĂů ĚŽŵŝŶĂŶĐĞ͕ ƌĞůĂƚŝŽŶ ƚŽ ĞƵƚƌŽƉŚŝĐĂƚŝŽŶ ĂŶĚ ůĂŬĞ
ŵŽƌƉŚŽůŽŐLJ͘dŚĞƐŝƐ͕hŶŝǀĞƌƐŝƚLJŽĨŵƐƚĞƌĚĂŵ͘,ŽůůĂŶĚ͘

ͲdĂŶƚŝ͕ :͘&͖  'ƌĞŵĞĂƵdž͕ d͖  ǀĂŶ KďďĞƌŐŚĞŶ͕ ͘ ĂŶĚ  >Ğ DĂƌĐŚĂŶĚͲƌƵƐƚĞů͕ z͘ ;ϭϵϵϭͿ
ĨĨĞĐƚƐ ŽĨ ŽŬĂĚĂŝĐ ĂĐŝĚ͕ ĂŶ ŝŶŚŝďŝƚŽƌ ŽĨ ƉƌŽƚĞŝŶͲƉŚŽƐƉŚĂƚĂƐĞƐ  ϭ ĂŶĚ Ϯ ŽŶ ŐůƵĐŽƐĞ
ƚƌĂŶƐƉŽƌƚ ĂŶĚ ŵĞƚĂďŽůŝƐŵ ŝŶ ƐŬĞůĞƚĂů ŵƵƐĐůĞ͘ :ŽƵƌŶĂů ŽĨ ŝŽůŽŐŝĐĂů ŚĞŵŝƐƚƌLJ͕ Ϯϲϲ͖
ϮϬϵϵͲϮϬϭϯ͘

ͲdĞůĞƐŚ͕ /͘s͖  <ŚůĞďŽǀŝĐŚ͕ s͘s͘ ;ϮϬϭϬͿ WƌŝŶĐŝƉĂů ƉƌŽĐĞƐƐĞƐ ǁŝƚŚŝŶ ƚŚĞ

ĞƐƚƵĂƌŝŶĞƐĂůŝŶŝƚLJŐƌĂĚŝĞŶƚ͗ĂƌĞǀŝĞǁ͘DĂƌŝŶĞWŽůůƵƚŝŽŶƵůůĞƚŝŶ͘ϲϭ;ϰͲϲͿ͗ϭϰϵͲϱϱ͘

ͲdŝĞĚĞŬĞŶ͕:͖͘ZĂŵƐĚĞů͕:͘^͘ĂŶĚZĂŵƐĚĞů͕͘&͘;ϮϬϬϱͿĞǀĞůŽŵĞŶƚĂůƚŽdžŝĐŝƚLJŽĨĚŽŵŽŝĐ
ĂĐŝĚŝŶnjĞďƌĂĨŝƐŚ;ĂŶŝŽƌĞƌŝŽͿ͘EĞƵƌŽƚŽdžŝĐŽůŽŐLJĂŶĚdĞƌĂƚŽůŽŐLJϮϳ͕ϳϭϭͲϳϭϳ͘

Ͳh^W͘EĂƚŝŽŶĂů WƌŝŵĂƌLJ ƌŝŶŬŝŶŐ tĂƚĞƌ ZĞŐƵůĂƚŝŽŶƐ͖ ĂŶĚ EĂƚŝŽŶĂů ^ĞĐŽŶĚĂƌLJ

ƌŝŶŬŝŶŐ tĂƚĞƌ ZĞŐƵůĂƚŝŽŶƐ͖ ŶĂůLJƐŝƐ ĂŶĚ ^ĂŵƉůŝŶŐ WƌŽĐĞĚƵƌĞƐ͖ WƌŽƉŽƐĞĚ ZƵůĞ͘ϲϵ͘
tĂƐŚŝŶŐƚŽŶ͕ tĂƐŚ͕ h^͗ hŶŝƚĞĚ ^ƚĂƚĞƐ ŶǀŝƌŽŶŵĞŶƚĂů WƌŽƚĞĐƚŝŽŶ ŐĞŶĐLJ ;h^WͿ͖
;ϮϬϬϰͿ͘ tŚŽůĞ ĞĨĨůƵĞŶƚ ƚŽdžŝĐŝƚLJ ĂůƚĞƌŶĂƚĞ ƚĞƐƚ ƉƌŽĐĞĚƵƌĞͶŵŝĐƌŽƚŽdž͘ 'ƵŝĚĞůŝŶĞƐ
ĞƐƚĂďůŝƐŚŝŶŐƚĞƐƚƉƌŽĐĞĚƵƌĞƐĨŽƌƚŚĞĂŶĂůLJƐŝƐŽĨƉŽůůƵƚĂŶƚƐƵŶĚĞƌƚŚĞĐůĞĂŶǁĂƚĞƌĂĐƚ͘

ͲsĂůĚŝŐůĞƐŝĂƐ͕ s͖  WƌĞŐŽͲ&ĂƌĂůĚŽ͕ D͘s͖ WĄƐĂƌŽ͕ ͖ DĠŶĚĞnj͕ :͖ >ĂĨĨŽŶ͕ ͘ ;ϮϬϭϯͿ KŬĂĚĂŝĐ
ĂĐŝĚ͗ŵŽƌĞƚŚĂŶĂĚŝĂƌƌŚĞŝĐƚŽdžŝŶ͘DĂƌŝŶĞƌƵŐƐ͘KĐƚϯϭ͖ϭϭ;ϭϭͿ͗ϰϯϮϴͲϰϵ͘

ϭϮϵ

ͲsĂůŝĞůĂ͕ /͘ ĂŶĚ &Ždž͕ ^͘͘ ;ϮϬϬϴͿ ĐŽůŽŐLJ͘ DĂŶĂŐŝŶŐ ĐŽĂƐƚĂů ǁĞƚůĂŶĚƐ͘ ^ĐŝĞŶĐĞ͘
:ĂŶϭϴ͖ϯϭϵ;ϱϴϲϭͿ͗ϮϵϬͲϭ͘

ͲsĂƌſ͕ /͖ ^ĞƌƌĂŶŽ͕ Z͖ WŝƚĂƌĐŚ͕ ͖ ŵĂƚ͕ &͖ >ſƉĞnj͕ &͘:͖ EĂǀĂƌƌŽ͕ :͘͘ ;ϮϬϬϬͿ͘ dŽdžŝĐŝƚLJ ĂŶĚ
ŝŽĐŽŶĐĞŶƚƌĂƚŝŽŶ ŽĨ ŚůŽƌƉLJƌŝĨŽƐ ŝŶ ƋƵĂƚŝĐ KƌŐĂŶŝƐŵƐ͗ ƌƚĞŵŝĂ ƉĂƌƚŚĞŶŽŐĞŶĞƚŝĐĂ
;ƌƵƐƚĂĐĞĂͿ͕'ĂŵďƵƐŝĂĂĨĨŝŶŝƐ͕ĂŶĚƉŚĂŶŝƵƐŝďĞƌƵƐ;WŝƐĐĞƐͿ͘ƵůůĞƚŝŶŽĨŶǀŝƌŽŶŵĞŶƚĂů
ŽŶƚĂŵŝŶĂƚŝŽŶĂŶĚdŽdžŝĐŽůŽŐLJϲϱ͕ϲϮϯĞϲϯϬ͘

ͲsĞnjŝĞ͕͖ĞŶŽƵĨĞůůĂ͕&͖^ŝǀŽŶĞŶ͕<͖ĞƌƚƌƵ͕'͘ĂŶĚ>ĂƉůĂŶĐŚĞ͕͘;ϭϵϵϲͿĞƚĞĐƚŝŽŶŽĨ
ƚŽdžŝĐŝƚLJŽĨĐLJĂŶŽďĂĐƚĞƌŝĂůƐƚƌĂŝŶƐƵƐŝŶŐƌƚĞŵŝĂƐĂůŝŶĂĂŶĚDŝĐƌŽƚŽdžZĂƐƐĂLJƐĐŽŵƉĂƌĞĚ
ǁŝƚŚŵŽƵƐĞďŝŽĂƐƐĂLJƌĞƐƵůƚƐWŚLJĐŽůŽŐŝĂϭϵϵϲϯϱ͗ϲ^͕ϭϵϴͲϮϬϮ

ͲtĞƌĂ͕ ^͘ ĂŶĚ ,ĞŵŵŝŶŐ͕ ͘͘ ;ϭϵϵϱͿ ^ĞƌŝŶĞͬƚŚƌĞŽŵŝŶĞƉƌŽƚĞŝŶƉŚŽƐƉŚĂƚĂƐĞƐ͘ ZĞǀŝĞǁ

ĂƌƚŝĐůĞ͘ŝŽĐŚĞŵŝĐĂů:ŽƵƌŶĂů͕ϯϭϭ͗ϭϳͲϮϵ͘

ͲtŝŬŶĞƌ͕:͘ĂŶĚŶĚĞƌƐƐŽŶ͕͘;ϮϬϭϮͿ/ŶĐƌĞĂƐĞĚĨƌĞƐŚǁĂƚĞƌĚŝƐĐŚĂƌŐĞƐŚŝĨƚƐƚŚĞƚƌŽƉŚŝĐ
ďĂůĂŶĐĞŝŶƚŚĞĐŽĂƐƚĂůnjŽŶĞŽĨƚŚĞEŽƌƚŚĞƌŶĂůƚŝĐ^ĞĂ͘'ůŽďĂůŚĂŶŐĞŝŽůŽŐLJϭϴ͗ϮϱϬϵͲ
Ϯϱϭϵ

ͲŚĂŶŐ͕D͖ƵĂŶ͕,͖^Śŝ͕y͖zƵ͕z͖<ŽŶŐ͕&͘;ϮϬϭϮͿŽŶƚƌŝďƵƚŝŽŶƐŽĨŵĞƚĞŽƌŽůŽŐLJƚŽƚŚĞ
ƉŚĞŶŽůŽŐLJ ŽĨ ĐLJĂŶŽďĂĐƚĞƌŝĂů ďůŽŽŵƐ͗ /ŵƉůŝĐĂƚŝŽŶƐ ĨŽƌ ĨƵƚƵƌĞ ĐůŝŵĂƚĞ ĐŚĂŶŐĞ͘tĂƚĞƌ
ZĞƐĞĂƌĐŚ͘ϰϲ͗ϰϰϮʹϰϱϮ

 

ϭϯϬ

&hEd^>^/D'E^
ŚƚƚƉ͗ͬͬǁǁǁ͘ŚĂď͘ŽƌŐ͘njĂͬ

ŚƚƚƉ͗ͬͬĞŶĨŽ͘ĂŐƚ͘ďŵĞ͘ŚƵͬ

ŚƚƚƉ͗ͬͬŽƐǁĞŐŽĐŽƵŶƚLJƚŽĚĂLJ͘ĐŽŵͬ

ŚƚƚƉ͗ͬͬďŝŽůƵŵ͘ĞĞŵď͘ƵĐƐď͘ĞĚƵͬ

ŚƚƚƉ͗ͬͬǁǁǁ͘ŐĞŽ͘ƵƵ͘Ŷůͬ

ŚƚƚƉ͗ͬͬǁǁǁ͘ĨĂŽ͘ŽƌŐͬ

ŚƚƚƉ͗ͬͬůĂĐŝĞŶĐŝĂLJƐƵƐĚĞŵŽŶŝŽƐ͘ĐŽŵͬ

ŚƚƚƉ͗ͬͬǁǁǁ͘ĐƌŽĂ͘ĐŽŵ͘Ăƌͬ

ŚƚƚƉ͗ͬͬǁǁǁ͘ƐǁĨǁŵĚ͘ƐƚĂƚĞ͘Ĩů͘ƵƐ

 

ϭϯϭ



ϭϯϮ